Instructions: Complete the following problem. Show your work, and clearly label which variances you are calculating. ABC Company makes widgets. The standard cost card indicates that a widget should use 12 pounds of metal at a cost $5 per pound. The standard cost card also indicates that it requires 3 hours of labor to produce a widget at a rate of $20 per hour. The company produces 6,500 widgets during the month. It used 80,000 pounds to make the widgets and paid $5.25 per pound. Their employees worked a total of 19,000 hours and were paid $21 per hour. A) Calculate material price variance, the material quantity variance, and the total materials variance. B) Calculate the labor rate variance, the labor efficiency variance, and the total labor varance