9) Priestly, Inc production based Inc, manufactures one product. Its variable manufacturing overhead is applied to ased on direct labor-hours and its standard cost card per unit is as follows: Direct material: material: 4 pounds at $10 per pound irect labor: 2 hours at $13 per hour riable manufacturing overhead: 2 hours at $4 per hour The actual results for the last month showed: Actual output at 2200 units (same as standard output of 2200 units) Actual direct materials at 8200 pounds at an actual price of $10.50 per pound Actual direct labor at 3800 hours at an actual cost of $12 per hour Actual variable manufacturing overhead was $19,000 REQUIRED: Compute the following variances showing the formulas, computations, and if they are favorable/unfavorable. Compute the direct materials spending variance. Compute the direct materials quantity and price variances for the month. Compute the direct labor spending variance. Compute the direct labor efficiency and rate variances for the month. Compute the overhead spending variance. Compute the overhead efficiency and overhead rate variances for the month. Discuss the significance of the materials quantity variance