Problem 2: Singh Corporation makes a product with the following standard costs per unit: Direct materials Direct labor Standard Quantity or Hours 8.6 pounds 0.4 hours Standard Price or Rate $ 6 per pound $11 per hour The company reported the following results concerning this product in March. Actual output Raw materials purchased and used in production Actual direct labor hours Actual cost of raw materials purchased and used Actual direct labor cost Required: a Compute the materials quantity variance b. Compute the materials price variance c. Compute the labor efficiency variance d. Compute the labor rate variance. 8,400 units 72,325 pounds 3,320 hours $441,183 $35,524 e. Which variances, if any, do you believe the corporation should investigate? Which department(s) should be consulted?