4. Raytherm makes heat shrinkable tubing for the electronics industry. The following standards have been developed by the industrial engineering department of Raytherm for 1/4 inch heat shrinkable tubing: Raw Material Standard: Irradiated polyethylene plastic: .1 ounces per foot of tubing at 5 cents per ounce ($.80 per pound). Direct Labor Standard: .001 hours per foot at $25 per hour including benefits. During the month 900,000 feet of tubing was produced and the following costs were incurred: Actual raw material purchased: 12,250lbs (196,000oz) for a total cost of $9,500. Actual raw material used; 6,225 lbs (99,600oz) Actual direct labor incurred: Direct labor hours incurred: 980 Total payroll cost including benefits: $26,700 Required: 20 pts Use the following equations to calculate the following variances: PPV=(AP-SP)AQP MUV=(AQ-SQ)SP LRV=(AR-SR)AH LEV=(AH-SH)SR