P&G company produces large The standards for materials and labor costs to manufacture I bag are as follows: size bags for the use of tourists. Company uses standard costing system lo Hl 0sts. Direct materials: 7.2 lbs. per bag @ $5 per lb. Direct labor: 0.4 hours per bag @$20 per hour During the last month, P&G produced 2,500 large bags. 20,000 lbs. of direct materials were purchased @ $4.8 per lb They used all direct materials to make the 2,500 large bags 900 direct labor hours were recorded @ $24 per hour. Required: Compute the Total Variance, Price Variance and Quantity Variance for direct materials ute Total Variance, Rate Variance and Efficiency Variance for direct labor. 3