Calculate direct materials and direct labour variances. E12.31 (LO 2, 3) Jay Levitt Company budgeted the following cost standards for the current year: Direct materials ( 2kg of $10.00 plastic at $5 per kilogram) Direct labour ( 2 hours at 24.00 $12 per hour) Variable manufacturing 12.00 overhead Fixed manufacturing 6.00 overhead Total standard cost per $52.00 unit Actual costs for producing 2,750 units were as follows: Instructions a. Calculate the materials price variance for materials purchased. b. Calculate the materials quantity variance. c. Calculate the labour price variance. d. Calculate the labour quantity variance