Question 4. (12 marks) Ophelia Company's standard and actual costs per unit are provided below for the most recent period. During this time period 500 units were actually produced. Standard Actual Materials: Standard: 3 metres at $1.50 per m. Actual: 3.1 metres at $1.60 per m $.4.90 $496 Direct labour. 10.50 5.10 4.34 $19.80 Standard: 1.5 hrs, at $7.00 per hr 10.50 Actual 1.4 hrs, at $2,50 per hr Variable overhead: Standard: 1.5 hrs at $3.40 per hr Actual: 1.4 hrs. at 53.10 per ty Total unit cost $20.10 For simplicity, assume there was no inventory of materials at the beginning or end of the period. Submission Instructions: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. Materials price variance Materials quantity variance Direct labour rate variance Direct labour efficiency variance Variable overhead spending variance Variable overhead efficiency variance