Miler Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below *Contalns direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control" Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: "Based on machine hours During June, the plamt produced 6,000 pools and incurred the following costs a. Purchased 25,400 pounds of materials-at a cost of $245 per pound b. Used 20,200 pounds of materials in production (Finished goods and work in process imventories are insignificant and can be ignored? c. Worked 2.400 durect labor-fiours at a cost of $720 per hour: d Incurted varrable manufacturing overhead cost totaling $5,100 for the month A totai of 1,500 machine-hours was recorded If is the company's policy to close all variances to cost of goodis soid on a monthly bisis. Required: 1. Compute the following variances for June a. Materials price and quantaty variances. b. Labor tate and efficiency variances e. Variable overhead rate and elficiency variances 2. Summarze the variances that you compuied in requirement 1 by showing the net overall favorable of unfavorable variance for the month