3. Fosse Manufacturing Company has developed the following standards for one of their products: STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT The company records materials price variances at the time of purchase. The following activities occurred during the month of May: Required: a. Calculate the materials price variance and indicate whether it is favorable or unfivorable. b. Calculate the materials usage variance and indicate whether it is favorable or unfaverable. c. Calculate the labour rate variance and indicate whether it is favorable or unfavorable. d. Calculate the labour efficiency variance and indicate whether it is favorable or unfavorable. e. Calculate the variable overhead spending variance and indicate whether it is favorable or unfavorable. f. Calculate the variable overhead efficiency variance and indicate whether it is favorable or unfavorable. g. Calculate the total variances for direct material, direct labour and manufichure overheard