Question 46 (2 points) ABC Corporation has a standard cost system in which it has established standard material quantities and standard material purchase prices. The company has provided the following data for the most recent month: 50,000 yards Budgeted quantity for 100,000 T Shirts 49,000 yards Actual quantity 100,000 T Shirts Standard material price $ 1.50 per yard $ 1.45 per yard Actual material price What was the direct material rate variance for the month? Question 47 (2 points) ABC Corporation has a standard cost system in which it sets standards for labor hours and labor rates. The company has provided the following data for the most recent month: 25,000 hours Budgeted direct labor hours for 100,000 production 26,400 hours Actual direct labor hours for 100,000 production per Standard labor rate $ 14.00 hour per hour Actual total labor rate $ 14.75 What was the direct labor rate variance for the month