1. ABC Corporation makes a product with the following standard costs: Standard Quantity or Hours 4.3 pounds 0.7 hours 0.7 hours Standard Price or Rate S6.00 per pound $20.00 per hour S2.00 per hour Standard Cost Per Unit $25.80 $14.00 $1.40 Variable overhead. The company reported the following results concerning this product in September. 1,900 units 1,700 units 7,210 pounds 7,600 pounds 1,260 hours $43,320 $25,578 $2,394 Purchases of raw materials. Actual direct labor-hours.... Actual cost of raw materials purchases... The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance., c. Compute the labor efficiency variance. d. Compute the direct labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance