EXERCISE #3-Rate Variance / Time Variance/ Total Cost Variance Japan Company produces lamps requiring 2.25 hours standard per unit at a rate per hour to S15.00 per hour. The production of 7,700 units required 19,250 hours at a rate per hour of $14.90 per hour. Instructions: Determine what is the direct labor: (a) Rate variance (b) Time variance (c) Total cost variance EXERCISE #4-Materials Price Variance / Materials Quantity Variance The requirement of standard material of marine Aquatic Corp. to produce a model 2018 is 15 pounds of material to $110.00 per pound. Last month, marine Aquatic bought 170,000 pounds of material at a total cost of $17, 850,000. 162,000 pounds she used to produce 10,000 units of the 2018 model. Instructions: Determine (a) materials price variance (b) materials quantity variance Indicate whether each variance is favorable or unfavorable