2. Worldwide produced perfume. The direct materials and direct labor standards for one bottle of perfume is provided below: (ounce is the measurement used for direct materials instead of pounds) Standard quantity Standard price Standard 7 hours Rate Direct Materials 7.2 ounces $2.50 per ounce Direct Labor 0.4 hours $10.00 per hour cost SIS $4 During recent month, the following information was recorded: 1. 20,000 ounces of materials were purchased at a cost of $2.40 per ounce. 2. Materials were used to produce 2,500 bottles of perfume. 3. 900 hours of direct labor hours were recorded at total labor cost of $10,800. Required: a. Calculate Direct materials quantity variance, direct labor rate variance, and direct labor efficiency variance. (1 mark * 3= 3 marks)