Doby Corporation makes a product with the following standard costs: Direct materials Standard Quantity or Hours 2.70 ounces 0.20 hours 0.20 hours Direct labor Variable overhead Standard Price or Rate $ 7.00 per ounce $ 17.00 per hour $ 6.00 per hour In July the company produced 4,840 units using 13,550 ounces of the direct material and 980 direct labor-hours. During the month the company purchased 14,700 ounces of the direct material at a price of $7.2 per ounce. The actual direct labor rate was $16.2 per hour and the actual variable overhead rate was $5.4 per hour. The materials price variance is computed when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. a. Materials quantity variance b. Materials price variance c. Labor efficiency variance d. Labor rate variance e. Variable overhead efficiency variance f. Variable overhead rate variance < Prev 12 of 24 Next >