Fastic Corporation makes a product with the following standard costs: Standard uantity Standard Pic Standard Cost or Hours 6.9 liters 0.3 hours 0.3 hours or Rate S5.00 per liter $17.00 per hour $6.00 per hour Per Unit $34.50 $5.10 $1.80 Inputs Direct materials Variable overhead.... The company reported the following results concerning this product in August. 8,600 units 8.400 units 58.330 liters 2.310 hours 62,500 liters $4.90 per liter $17.10 per hour ....S5.50 per hour Originally budgeted output Actual output. Raw materials used in production Actual direct labor-hours . . Actual price of raw materials... Actual direct labor rate Actual variable overhead rate The materials price variance is recognized 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 direct labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance. TTT Paragraph # Arial # 3(12pt) :--i- , T