Meyer Corporation makes a product with the following standard costs: Standard Standard Standard Quantity or Price or Cost Per Hours Rate Unit Direct $5.00 per 7.1 pounds $35.50 materials pound Direct $17.00 per 0.8 hours $13.60 labori hour Variable $7.00 per 0.8 hours $5.60 overhead hour The company reported the following results concerning this product in July. Originally budgeted output 4,700 units Actual output 4.500 units Raw materials used in production 34,150 pounds Actual direct labor-hours 3.610 hours Purchases of raw materials 36.500 pounds Actual price of raw materials $5.10 per pound Actual direct labor rate $18. 10 per hour Actual variable overhead rate $6.70 per hour Variable overhead is applied on the basis of direct labor-hours. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance e. Compute the variable overhead efficiency variance 1. Compute the variable overhead rate variance