Direct Labor Variances Tip Top Corp. produces a product that requires 4 standard hours per unit at a standard hourly rate of $11 per hour. If 5,000 units required 19,400 hours at an hourly rate of $11.33 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance Favorable b. Direct labor time variance Unfavorable c. Direct labor cost variance Favorable Direct Materials Variances Tip Top Corp. produces a product that requires 15 standard gallons per unit. The standard price is $11.5 per gallon. If 2,000 units required 29,100 gallons, which were purchased at $11.73 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct materials price variance Favorable b. Direct materials quantity variance Unfavorable c. Direct materials cost variance Unfavorable