Exercise 3. Zee Corporation has developed the following cost standards for the production of its leather backpacks: Standard Cost Per Backpack Leather (0.9 yards * $22 per yard) $19.80 Direct labor (1.3 hours $9.00 per hour $11.70 The actual results for last month were as follows: Number of backpacks produced 15,000 Direct labor hours incurred 118.800 Yards of leather used in production 14,100 Cost of leather purchased $306,675 Direct labor cost $159,800 Required: Compute the following variances for Zee. a. Materials price variance. b. Materials quantity variance. c. Labor efficiency variance. d. Labor rate variance