5. Wilson Corp. uses a standard costing system. The following information is available: Standards for 1 unit Materials 10 lbs @ $2/1b. 2 hours @ $20/hr. Labor Actual Results Manufactured 10,000 units Materials purchased 120,000 lbs @ $1.80/lb. Materials used 105,000 lbs Labor hours 18,500@ $18/hr. Material spending variance = $14,000 favorable Required - Calculate: A. Material purchase price variance B. Material quantity variance C. Labor rate variance D. Labor efficiency variance