ACC Global Harvest manufactured 15,000 boat fenders during 2019, using 122,000 square feet of vinyl purchased at $1.15 per square foot. Production required 470 direct labor hours that cost $14.00 per hour. The direct materials standard was 7.5 square feet of vinyl per fender, at a standard cost of $1.30 per square foot. The labor standard was 0.03 direct labor hour per fender, at a standard cost of $12.50 per hour. And, additional information about budgeted overhead is summarized below. Static budget variable overhead: Static budget fixed overhead: Static budget direct labor hours: $5,500 $11,000 550 Hours Actual variable overhead: $4,950 Requirement 1(1.5 points): Compute the cost (price) and efficiency (quantity) variance for direct materials. Requirement 2(1.5 points): Compute the cost (price) and efficiency (quantity) variance for direct labor Requirement 3(2 points): Compute the budgeted allocation rates for variable overhead and fixed overhead, and compute cost (price) and efficiency (quantity) variance for variable overhead by using budgeted allocation rate