Capstone Problem (30 Points) 24) Galeazzi i Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 3.1 pounds 0.8 hours 0.8 hours $6.00 per pound $18.00 per hour $6.00 per hour Direct labor Variable overhead ds of the direct material chased 9,500 pounds of 3 In October the company produced 3,000 units using 8.380 poun and 2,610 direct labor-hours, During the month, the company pur the direct material at a total cost of $55,100. The actual direct labor cost for th $48,546 and the actual variable overhead cost was $16,965. The company applies variable e month was overhead on the basis of direct labor-hours. Compute the materials quantity variance. Compute the materials price variance