7'. (25 points]. Core Watersports manufactures kites for kiteboarding. The company has developed the following standard costs for direct material and direct labor. Early in 2021, the company estimated the following standard costs for its flagship kite the XR7. Show your calculations and relevant units. Standard Quantity Standard Price Standard Cost per Unit Direct materials 14 square meters $9 per square meter $126 Direct labor 6 hours $25 per hour $150 The company reported the following results concerning the XR? kites for the month of October. Originally budgeted output 1,800 kites Actual output 1,700 kites Raw materials used in production 22,950 square meters Purchases of raw materials 24,000 square meters Actual direct labor-hours 10,625 hours Actual cost of raw materials purchases $204,000 Actual direct labor cost $276,250 a. Compute the direct labor variance: b. Compute the direct labor efciency variance: c. Compute the direct labor price variance: d. Should the sum of the labor efficiency variance and the labor price variance equate the labor variance? Explain your Answer. e. Compute the direct material variance: f. Compute the direct material efficiency variance: g. Compute the direct material price variance: h. Should the sum of the direct material efficiency variance and the direct material price variance equate the direct material variance? Explain your Answer. i. Analyze and comment on your findings above