Materials and labor Variances. Outdoor Products. Inc.. produces extreme-weather sleeping bags. For direct-materials, the standard price for 1 yard of material is $5 per yard. A standard quantity of 8 yards of material is, expected to be used for each sleeping bag produced. During September, Outdoor Products, Inc.. purchased 45,000 yards of material for $238,500 and used 39,000 yards to produce 5,100 sleeping bags. For direct labor. Outdoor Products. Inc., established a standard number of direct labor hours at three hours per sleeping bag. The standard rate is $16 per hour. A total of 14,700 direct labor hours were worked during September, at a cost of $238,140. to produce 5,100 sleeping bags. Required: Calculate the materials price variance materials quantity variance. Clearly label each variance as favorable or unfavorable. Calculate the labor rate variance and labor efficiency variance. Clearly label each variance as favorable or unfavorable