4 Raytherm makes heat shrinkable tubing for the electronics industry. The following standards have been developed by the industrial engineering department of Raytherm for inch heat shrinkable tubing Raw Material Standard: Irradiated polyethylene plastic 1 ounces per foot of tubing at 5 cents per ounce (S. 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 (99,6000z) Actual direct labor incurred: Direct labor hours incurred 980 Total payroll cost including benefits $26,700 Required: Use the following equations to calculate the following variances 20 Pts. PPV=(AP-SP)AQP MUV=[AQ-SQ)SP LRV=(AR-SRJAH LEV-AH-SH)SR 4