Q4. The following standards have been established for a raw material used to make the product: Standard quantity of the material per unit of 4.5 pounds output Standard price of the material $13.90 per pound The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production Actual output produced 2000 pounds $26200 1300 pounds 220 units Standard direct labor-hours Standard direct labor wage rate Actual direct labor-hours worked Actual direct labor wages paid 3.3 hours per unit $10.50 per hour 1100 hours $11385 a) What is the materials price variance for the month? b) What is the materials quantity variance for the month? c) What was the labor rate variance for the month? d) What was the labor efficiency variance for the month? e) Discuss the concept of Management by exception