2. (6 points) Klacic Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Rate Standard Cost Per Unit Inputs or Hours Direct 8.7 grams materials $ 7.00 per gram $ 60.90 Direct labor 0.8 hours Variable 0.8 hours overhead $ 12.00 per hour $ 7.00 per hour $ 9.60 $ 5.60 The company reported the following results concerning this product in May. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours 2,600 units 2,700 units 23,010 grams 25,300 grams 1,980 hours Actual cost of raw materials purchases$ 169,510 Actual direct labor cost Actual variable overhead cost $ 21,582 $ 13,662 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 labor rate variance