A product of HCO Pte Ltd. has the following standard costs. Variable overhead is applied on the basis of direct labor hours. Inputs: Unit of Input Units per item Price or rate Direct Materials: meters 42 $21/meter Direct Labor: direct labor hours 38 $31/direct labor hour Variable Overhead: direct labor hours $19/direct labor hour The following results were reported for the month of March. The direct material purchases variance is computed when the materials are purchased. Actual output: 835 items Raw Materials used: 37,641 meters Raw Material purchased: 32,124 meters Actual direct labor hours: 29,225 hours Actual cost of raw materials purchased: $738,852 Actual direct labor cost: $1,022,875 Actual variable overhead cost: $584,500 What are each of the following variances, and are they favorable or unfavorable? Part 1: Direct Labor rate variance: Answer 1 Question 21 Part 2: Direct Labor efficiency variance: $Answer 2 Question 21 Answer 3 Question 21 Part 3: Direct Material quantity variance: Answer 4 Question 21 Part 4: Direct Material price variance: $Answer 5 Question 21 Answer 6 Question 21