Gregson Company makes a product with the following standard costs for materials and labor: Standard Cost Per Unit Standard Quantity or Hours Standard Price or Rate Direct materials 82 pounds $7.00 per pound $57.40 0.4 hours$20.00 per hour $8.00 Direct labor The company budgeted for production of 2,400 units in June, but actual production was 2,500 units. The company actually used 19,850 pounds of direct material and 980 direct labor-hours to produce this output. The company purchased 21,700 pounds of the direct material at $6.70 per pound. The actual direct labor rate was $19.20 per hour. Required: a What was the materials price variance for June? Be sure to State F or U b What was the materials quantity variance for June? Be sure to State F or U. c What was the labor rate variance for the month? Be sure to State F or U. d What was the labor efficiency variance for the month? Be sure to State F or U. If variable overhead is applied on the basis of direct labor hours, and variable overhead has a standard rate per hour that is half of the standard labor rate, what would the variable overhead variance be? Be sure to State F or U. e