5. (15 points) Ashland Inc, manufactures one single product. The standards along with actual cost data for July are shown below. Standard Actual Cost Unit Cost per per Unit Direct materials: Standard: 1.80 feet at $3.00 per foot $ 5.40 $ 5.94 Actual: 1.80 feet at $3.30 per foot Direct labor: 16,20 16.10 Standard: 0.90 hours at $18.00 per hour Actual: 0.92 hours at $17.50 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actual: 0.92 hours at $4.50 per hour Total cost per unit Excess of actual cost over standard cost per unit 4.50 4.14 $26.10 $26.18 $0.08 Actual production for the month was 12,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials. Required: Compute the following variances for July -- (1) Materials price and quantity variances; (2) Labor rate and efficiency variances; (3) Variable overhead rate and efficiency variances