Ophelia Company's standard and actual costs per unit are provided below for the most recent period During this time period 500 units were actually produced Standard Actual Materials Standard: 3 metres at $1.50 per m 5.4.90 Actual: 3.1 metres at $1.60 per m $4.96 Direct labour Standard: 1.5 hrs at $7.00 per hr 10.50 Actual 1.4 hrs at $7.50 per hr 10.50 Variable overhead: Standard: 1.5 hrs at $3.40 per hr 5.10 Actual: 1.4 hrs at $3.10 per hr Total unit cost 520.10 $19.80 For simplicity, assume there was no inventory of materials at the beginning or end of the period. 4,34 Submission Instructions: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead spending variance 6. Variable overhead efficiency variance