Graybeal Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 4.3 ounces $6 per ounce Direct labour 0.7 hour $21 per hour The company reported the following results concerning this product in March. Actual output 3,500 units Direct materials used in production 14,710 ounces Actual direct labour hours 2,270 hours Purchases of direct materials 16,700 ounces Actual price of direct material Actual direct labour rate $5.80 per ounce $21.90 per hour Required: Compute the following variances: A. Materials price B. Materials usage C. Total material D. Labour rate E. Labour efficiency F. Total labour [2.5 marks] [3 marks] [1.5 marks] [2.5 marks] [3 marks] [1.5 marks]