4. Lana Kane Inc. has determined the following cost standards for the production of her short sweater-dresses: Standard Quantity 4 yards 2 hours Standard Price or rate $4.50 per yard $12.00 per hour Standard Cost per unit $18.00 $24.00 Fabric Direct labor Actual results for last month were as follows: Number of dresses produced 12,000 dresses Direct labor hours worked 24,175 hours Yards of fabric purchased 50,000 yards Yards of fabric used in production 49,500 yards Cost of fabric purchased $217,404 Direct labor cost $285,600 a. What is the materials price variance? Is it favorable or unfavorable? b. What is the materials quantity variance? Is it favorable or unfavorable? C. What is the labor rate variance? Is it favorable or unfavorable? d. What is the labor efficiency variance? Is it favorable or unfavorable