Problem 4 loped the following standard costs for its product for 2016: ON AIR VANY Sard Product A Cost Element Standard Cost Standard Oreo 4 pounds Direct materials Direct labor Manufacturing overhead Standard Price/Rate $3 8 4 3 hours 3 hours $12 24 12 $48 The company expected to produce 30,000 units of Product A in 2017 and work 90,000 direct labor hours Actual results for 2017 are as follows: 31,000 units of Product A were produced. Actual direct labor costs were $746,200 for 91,000 direct labor hours worked. Actual direct materials purchased and used during the year cost $346,500 for 126,000 pounds. Actual variable overhead incurred was $155,000 and actual fixed overhead incurred was $205,000 Compute the following variances: 11. Materials quantity variance 12. Total labor variance 13. Labor efficiency (hours) variance 14. Materials price variance 15. Total overhead variance