Fastic Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The materials price variance is recognized when materials a re purchased. Variable overhead is applied on the basis of direct labor-hours. Please show your work on the following page if you don't have enough room on this page. Compute the materials quantity variance. Compute the materials price variance. Compute the labor efficiency variance. Compute the direct lab or rate variance. Compute the variable overhead efficiency variance. Compute the variable overhead rate variance. Fastic Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The materials price variance is recognized when materials a re purchased. Variable overhead is applied on the basis of direct labor-hours. Please show your work on the following page if you don't have enough room on this page. Compute the materials quantity variance. Compute the materials price variance. Compute the labor efficiency variance. Compute the direct lab or rate variance. Compute the variable overhead efficiency variance. Compute the variable overhead rate variance