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 $.4.90 $4.96 10.50 Materials: Standard: 3 metres at $1.50 per m. Actual: 3.1 metres at $1.60 per m. Direct labour Standard: 1.5 hrs. at $7.00 per hr. Actual: 1.4 hrs. at $7.50 per hr. Variable overhead: Standard: 1.5 hrs, at $3.40 per hr Actual: 1.4 hrs. at $3.10 per hr 10.50 5.10 4.34 $20.10 $19.80 Total unit cost For simplicity, assume there was no inventory of materials at the beginning or end of the period. Submission Instructions: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance I 2. Materials quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead spending variance Variable overhead efficiency variance