Capstone Problem (30 Points) 24) Galeazzi Corporation makes a product with the following standard costs: Standard Price or Standard Quantity or Rate $6.00 per pound $18.00 per hour $6.00 per hour Hours 3.1 pounds 0.8 hours 0.8 hours Direct materials Direct labor Variable overhead a In October the company produced 3,000 units using 8,380 pounds of the direct mater and 2,610 direct labor-hours. During the month, the company purchased 9,500 pounds the direct material at a total cost of $55.100, The actual direct labor cost for the month $48,546 and the actual variable overhead cost was $16,965. The company applies va overhead on the basis of direct labor-hours. r Compute the materials quantity variance Compute the materials price variance