Problem IV TWU Corporation makes a product with the following standard costs: Direct materials... Direct labor Variable overhead. Standard Quantity or Hours 4.3 ounces 0.7 hours 0.7 hours Standard Price or Rate $6.00 per ounce $21.00 per hour $7.00 per hour The company reported the following results concerning this product in March. Actual output Raw materials used in production Actual direct labor-hours. Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 3,500 units 14,710 ounces 2,270 hours 16,700 ounces $5.80 per ounce $21.90 per hour $7.30 per hour The materials price variance is recognized when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. 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