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4. You are the new cost accountant for Marvel Inc. The company makes a product with the following standard costs: ( 36 pts) The company reported the following results concerning this product in April. a. Compute the quantity/efficiency, price/rate, and spending variances for direct materials and direct labor. (three variances each for DM and DL) Remember to label budgets and variances. b. Explain what caused the four variances (quantity/efficiency and price/rate variances) for materials and labor. (Do not explain the spending variances.) Clearly designate which variances you are explaining. c. Choose 2 of the previous four variances and explain why the variances may have happened. (Do not analyze spending variances) Clearly designate which variances you are explaining. 4. You are the new cost accountant for Marvel Inc. The company makes a product with the following standard costs: ( 36 pts) The company reported the following results concerning this product in April. a. Compute the quantity/efficiency, price/rate, and spending variances for direct materials and direct labor. (three variances each for DM and DL) Remember to label budgets and variances. b. Explain what caused the four variances (quantity/efficiency and price/rate variances) for materials and labor. (Do not explain the spending variances.) Clearly designate which variances you are explaining. c. Choose 2 of the previous four variances and explain why the variances may have happened. (Do not analyze spending variances) Clearly designate which variances you are explaining