10. Skyline manufactures a single product. The standard cost of one unit of this product is as follows Direct materials: 5 feet at $1 per foot $5.00 Direct labor: 1 hour at $4.50 per hour 4.50 Variable manufacturing overhead: 1 hour at $3 per 3.00 hour Total standard variable cost per unit $12.50 During October, 5,500 units were produced. Selected data relating to the month's production follow: Material purchased: 50,000 feet at $0.95 per foot 547,500 Material used in production: 28,000 feet Direct labor: 6,000 hours at $4.30 per hour $25,800 Variable manufacturing overhead cost incurred $20,475 There was no beginning inventory of raw materials. The variable manufacturing overhead rate is based on direct labor-hours. Required: 1. For direct materials: (2marks) a. Compute the price and quantity variances for October. b. Prepare journal entries to record activity for October. 2. For direct labor: (2marks) a. Compute the rate and efficiency variances for October. b. Prepare a journal entry to record labor activity for October. 3. For variable manufacturing overhead: (1mark) a. Compute the spending and efficiency variance for October