Part - Variances Vinnie's Meatball House makes delicious meatballs. They use a flexible budget system with the following standard costs: Management would like you to compute: 1) Direct Materials Price Variance Ans: (Actual Price minus Standard Price) x Actual Quantity =(0.35cents0.25cents0.5permeatball=0.05cents/meatball 2) Direct Labor Rate Variance Ans: (Actual Price minus Standard Price) x Actual Hours =(0.35cents0.25cents)$10.00perhr=0.1cent$10.00perhr=$1perhr 3) Direct Labor Efficiency Variance Ans: (Actual Hours minus Standard Hours) x Standard Price =($10.00perh