Question 2 Alpha Sports Company manufactures high quality sports products. Products are sold in the local as well as international markets. The company uses a well established standard costing system to control costs. One of the products of Alpha Supports Company is a cricket bat. The standard requirements to manufacture one bat are as follows: Direct materials: 5 feet wood @ $0.60 per foot Direct labor: 1.2 hours @ $14 per hour During the last month, Alpha manufactured 4,000 cricket bats. 50,000 feet wood was purchased @ 0.56 per foot. 20,000 feet wood was in stock at the end of the month. 6,400 direct labour hours were worked @ $15 per hour. Required: 1. Compute direct materials price and quantity variances. 2. Compute direct labour rate and efficiency variances