4. Wade Company has developed the following standards for one of its products: Direct materials 20 pounds x $6 per pound Direct labour 5 hours x $16 per hour The following activities occurred during the month of October: Materials purchased 250,000 pounds costing $1,300,000 Materials used 220,000 pounds Units produced 10,000 units Direct labour 48,000 hours at $15.00 per hour The company records materials price variances at the time of purchase. Required: Calculate the following variances: a. Materials price variance b. Materials usage variance c. Labour rate variance d. Labour efficiency variance6. Vernon Manufacturing has developed the following standards for one of its products: STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT Direct materials: 20 square feet x $5 per square foot $100.00 Direct labour: 4 hours x $7 per hour 28.00 Variable overhead: 4 hours x $4 per hour 16.00 Total standard variable cost per unit $144.00 The company records materials price variances at the time of purchase. The following activities occurred during the month of April: Materials purchased 90,000 square feet at $5.10 per sq. foot Materials used 82,000 square feet Units produced 4,000 units Direct labour 15,000 hours at $7.25 per hour Actual variable overhead $59,000 - Required:Materials purchased 90,000 square feet at $5.10 per sq. foot Materials used 82,000 square feet Units produced 4,000 units Direct labour 15,000 hours at $7.25 per hour Actual variable overhead $59,000 Required: a. Calculate the materials price variance and indicate whether it is favorable or unfavorable. b. Calculate the materials usage variance and indicate whether it is favorable or unfavorable. 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