4. The following information is available for Highlander Corp.: Standard Cost (to make 1 unit of product) Materials 2 lbs. X $6.40 per lb. Direct Labor 1.7 hrs. X $12.60/hour Variable Overhead 1.7 hrs. X $5.80/hour $12.80 21.42 9.86 Actual results in Oct. were as follows: Production Materials purchased (1,950 lbs) Materials used Direct labor hours Direct labor cost Variable overhead cost incurred 1,050 units $12,000 1,970 lbs. 1,850 hours $22,940 $10,500 (over) Problem #4 (cont.) Required: Compute the following: (1) Material price variance (2) Labor efficiency variance (3) Labor rate variance (4) Material use variance (5) Variable overhead budget (spending) variance