Question #3 Variance Assignment Standard Cost per Backpack: 4 strips of leather @ 50.75 $3.00 6 pieces of plastic @ $0.15 $0.90 0.5 hours of labour @ $12.00/hr. $6.00 Standard Cost 9.90 During the month we purchased 5,000 strips of leather for $3,900 and 7,500 pieces of plastic for $1,050. We used 4,900 strips of leather and 7,400 pieces of plastic in the production of 1,200 backpacks. Labour cost for 580 hours was $7,076. Show 2 Material Price variances for each material. ...When material is purchased (on all units purchased). ...When material is used (on all units used). Required: Calculate material price and efficiency variances (for leather and plastic separately) and labour rate and efficiency variances. [Eight calculations] HINT: You MUST calculate the SQ of leather, plastic and hours that should be used! LEATHER: MPV (on all purchased) MPV (on amount used) MEV PLASTIC: MPV (on all purchased) MPV (on amount used) MEV BACKPACKS: LRV LEV