Blue Co. makes a product with the following standard costs: Standard Quantity or Hours 1 Standard Price or Rate Direct materials 7.4 grams $8.00 per gram Direct labor 0.3 hours $16.00 per hour Variable overhead 0.3 hours $7.00 per hour The company reported the following results concerning this product in July. Actual output 2,200 units Raw materials used in production 16,420 grams Purchases of raw materials 17,900 grams Actual direct labor-hours 720 hours Actual cost of raw materials purchases $141.410 Actual direct labor cost $12,528 Actual variable overhead cost $5,112 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: A) Compute the materials quantity variance. B) Compute the materials price variance. C) Compute the labor efficiency variance. D) Compute the labor rate variance. E) Compute the variable overhead efficiency variance. F) Compute the variable overhead rate variance