P7. Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream \begin{tabular}{|llcc|} \hline ManufacturingCostInformation & StandardQuantity & StandardCostperUnit & CostSummary \\ \hline Direct Materials & & & $5.75 \\ Cream & 5 quarts & $1.15 per quart & $1.28 \\ Sugar & 16 ounces & $0.08 per ounce & $1.80 \\ Direct Labor & 3 minutes & $36.00 per hour & $8.83 \\ Total Direct Costs & & & \\ \hline \end{tabular} Actual direct costs incurred to make 50 gallons of ice cream: - 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. A. Compute the material price variance for cream and sugar. B. Compute the material quantity variance for cream and sugar. C. Compute the labor rate variance. D. Compute the labor efficiency variance. E. Describe the possible causes for this combination of favorable and unfavorable variances. \begin{tabular}{|c|l|} \hline A. & Cream Material price variance: \\ \hline & Sugar Material price variance: \\ \hline B. & Cream Material quantity variance: \\ \hline C. & Direct labor: \\ \hline D. & Labor efficiency variance: \\ \hline E. & \\ \hline \end{tabular}