Chugg Corporation makes a product with the following standard costs: The standard cost is $264.40 per unit, standard price for material is $14.00 per ounce, with standard quantity 18.6 ounces per unit Labor standard cost per unit is $25.20 based on .6 hours needed and a rate of $42.00 per hour Variable overhead standard cost per unit is $2.40 based upon direct labor hours, at a cost of $4.00 per hour . The company reported the following results concerning this product in October. Actual output is 2,000 units Planned budget output is 1,900 units Raw materials purchased and used in production were 37,600 ounces with a cost of $507,600 Actual labor hours incurred were 1,040 hours with labor totaling $45,136 The actual variable overhead rate was $4.40 per direct labor hour . All materials purchased were used. Variable overhead is applied on the basis of direct labor-hours. Label each variance as favorable (F) or unfavorable (U). Required: 1. Compute the materials price variance. Compute the ma quantity variance. 3. Compute the materials spending variance. 4. Compute the labor rate variance. 5. Compute the labor efficiency variance. 6. Compute the labor spending variance. 7. Explain how to compute the materials spending variance and what this indicates for Chugg. 8. What does the material price variance indicate for Chugg? 9. Describe the results of the material quantity variance. 10. Evaluate the labor variances for Chugg in October