Bombastic Corporation makes a product with the following standard costs Inputs Standard Quantity Standard Price or Hours 6.9 liters 0.3 hours 0.3 hours or Rate $5.00 per liter $17.00 per hour $6.00 per hour Standard Cost Per Unit $34.50 $5.10 Direct materials $1.80 The Company reported the following results concerning this product in August. Originally budgeted outut Actual output Raw matcrials used in production... Actual direct labor-hours Purchases of raw materials Actual price of raw materials. Actual direct labor rate 8,600 units 8,400 units 58,330 litens 2,310 hours 62,500 liters $4.90 per liter S17.10 per hour S5.50 per hour The materials price variance is recognized when materials are purchased. Variable overhead is applied based on direct labor-hours. Required: Transfer the information in the table above to an Excel spreadsheet and prepare the solutions to the following questions. Your solution should show the appropriate formulas and the detailed calculations. In using Excel, you should use appropriate formulas and functions to show your understanding of basic Excel functions. Clearly identify your answer to each question in final form a. Compute the materials quantity variance c. Compute the labor efficiency variance b. Compute the materials price variance d. Compute the direct labor rate variance