MC Qu. 306 Epley Corporation makes a Epley Corporation makes a product with the following standard costs Direct materials Direct labor Variable overhead Standard Quantity or Hours Standard Price or Rate $3.00 per pound $19.00 per hour $8.00 per hour 3.5 pounds 0.8 hours 0.8 hours In July the company produced 3,300 units using 12.240 pounds of the direct material and 2,760 drect laborhours. During the month, the company purchased 13,000 pounds of the direct material at a cost of $35,100. The actual direct labor cost was $51,612 and the actual variable overhead cost was $20,148 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is O $828 F O $828 u $792 U O $792 F