Problem 5 Sakelaris Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 8.6 kilos $6.00 per kilo Direct labor 0.4 hours $11.00 per hour Variable overhead 0.4 hours $5.00 per hour The company reported the following results concerning this product in August uz Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 8,400 71,750 76,900 3,320 $469,090 $35,524 $17,928 units kilos kilos hours The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Label each variance as favorable (F) or unfavorable (U). Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the variable overhead efficiency variance. d. Compute the variable overhead rate variance