Q-13: The management accountant of Marks & Spenser, a largest retail store of UK and having branches in many countries of the world, have disclosed the following information to the higher management of the company for its operations of October 2020. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Actual Cost Cost Direct materials: Standard: 4.0 yards at $3.60 per yard ... $14.40 Actual: 4.4 yards at $3.35 per yard.. $14.74 Direct labour: Standard: 1.6 hours at $4.50 per hour.... 7.20 Actual: 1.4 hours at $4.85 per hour... 6.79 Variable manufacturing overhead: Standard: 1.6 hours at $1.80 per hour... 2.88 Actual: 1.4 hours at $2.15 per hour.... 3.01 Total cost per unit..... $24.48 $24.54 During October 2020, the company produced 4,800 units of product. A comparison of standard and actual costs for the period on a total cost basis is given below: Actual costs: (4,800 units at $24.54). $117,792 Standard costs: (4,800 units at $24.48). 117,504 It has been further informed that during the month of October, 21,120 yards of materials were purchased and used in production. Required: a) For direct materials, compute the price and quantity variances for the period. b) For direct labor, compute the rate and efficiency variances. c) Compute the variable manufacturing overhead spending and efficiency variances. (0.833 marks for each variance, Total marks 5)