Capstone Problem (30 Points) 24) Galeazzi Corporation makes a product with the following standard costs: Standard Quantity or Hours 3.1 pounds 0.8 hours 0.8 hours Standard Price or Rate $6.00 per pound $18.00 per hour $6.00 per hour Direct materials Direct labor Variable overhead In October the company produced 3,000 units using 8,380 pounds of the direct material and 2,610 direct labor-hours. During the month, the company purchased 9,500 pounds c the direct material at a total cost of $55,100. The actual direct labor cost for the month w $48,546 and the actual variable overhead cost was $16,965. The company applies varia overhead on the basis of direct labor-hours. Compute the materials quantity variance. Compute the materials price variance Hotoriols poice vanionce$1,900 Compute the labor efficiency variance Compute the labor rate variance Compute the variable overhead efficiency variance. Compute the variable overhead rate variance