A company uses a standard costing system with the standards per unit below Standard Quantity/Hours Standard Price/Rate Standard Cost per Unit Direct materials 6.5 yards $200 per yard $13.00 Direct labor 0.2 hours $23,00 per hour $ 460 Variable overhead 0.2 hours $ 6.00 per hour $ 120 The company reported the following results concerning this product in January Master Budget Output 2,700 units Actual Output 2.860 units Raw materials used in production 19.380 yards Purchases of raw materials 21.400 yards Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,260 $ 12,050 Actual direct labor cost $ 3,300 Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materiais purchases variance is compared whe the materials are purchased Use the above information to calculate the following FIVE variances The materials purchases price variance for January is C$ 350 U O $ 350 F 0$ 540 U O $ 540 F The materials quantity variance for January is 0 $ 5,620 0 O $5,620 F O $1,580 F 0 $1,580 U The direct labor efficiency variance for January is: Next > The direct labor efficiency variance for January is: O $1,656U O $1,656 F O $ 550 U o $ 550 F The variable overhead rate variance for January is: 0 $300 U O $ 132 F 0 $ 300 F 0 $132 U The variable overhead spending variance for January is: 0 $ 132 U $ 432 U O $ 432 F O $ 132 F