1. Compute the direct materials price and quantity variances and explain their significance. 2. Compute the direct labor rate and efficiency variances and explain their significance. 3. Compute the variable manufacturing overhead rate and efficiency variances and explain their significance. Basic Variance Analysis and the Impact of Variances on Unit Costs Excel HOME INSERT PAGE LAYOUT FORMULAS DATA Sign In Calibri . Alignment Number Conditional Format as. Cell FormattingTable Styles B 1- Cells Editing Clipboard Font Al fStandards for one of Patterson, Inc.'s products is shown below, along with actual v 1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: 3 Direct materials: 4 Standard 5 Actual 6 Direct labor: 7 Standard 8 Actual 9 Variable overhead: 10 Standard 11 Actual 12 13 Total cost per unit $2.75 per yard $2.70 per yard 2.4 yards @ $6.60 3 yards @ $8.10 0.6 hours 0.5 hours @ $18.00 per hour $22.00 per hour 10.80 11.00 0.6 hours 0.5 hours @ $7.00 per hour S7.10 per hour 4.20 3.55 $2160 $22.65 15 xcess of actual cost over standard cost per unit $1.05