Boat Buddy makes a paddle boat with the following standard costs per unit produced: Actual Results: 8,800 units produced Direct material - Actually purchased 27,000 ft at $5.00 per ft. Direct Labor - Payroll totaled $126,750.00 for actual hours worked of 6,500 hours. Overhead Cost - Actual overhead costs was $26,975 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (2pts) b. Compute the total materials quantity variance. (1pt) c. Compute the materials price variance. (1pt) d. Compute the total labor efficiency variance. (1ps) e. Compute the labor rate variance. (1pt) f. Compute the total variable overhead efficiency variance. (1pt) g. Compute the variable overhead rate variance. (1pt) Also: Describe a possible scenario of the reasoning for the materials price variance (2pts)