172 Graybeal Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials. . . . ..... 4.3 ounces $6.00 per ounce Direct labor. ..... 0.7 hours $21.00 per hour Variable overhead.. .... 0.7 hours $7.00 per hour The company reported the following results concerning this product in March. Actual output ... 3,500 units Raw materials used in production ...... 14,710 ounces Actual direct labor-hours...... 2,270 hours Purchases of raw materials 16,700 ounces Actual price of raw materials. $5.80 per ounce Actual direct labor rate ... $21.90 per hour Actual variable overhead rate .......... $7.30 per hour The materials price variance is recognized when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance