Problem VII - Variance Analysis 25 points 15 minutes Zee Corporation has developed the following cost standards for the production of its leather backpacks: Leather Direct Labor Standard Ouantity 08 yards Standard Price Rate $21.00 per yard SR O per hour 1.4 hours Variable overhead at Zee is applied on the basis of direct labor hours at a rate of $15.00 per hour. The actual results for last month were as follows: 12800 Yards of Leather purchased and used Actual Cost of leather per yard Direct her hours incurred Direct Labor male per hour Variable Overhead cost 19,800 $8.75 $285,670 Number of Rackpacks Produced 15.000 Instructions: Compute the following variances: a. Direct materials price variance. 26.25 b. Direct materials quantity variance. c. Direct labor price variance Direct labor quantity variance. e. Total overhead variance