Question 6 1 points Save Answe Superior Food Products makes organically sourced bottled salad dressings. The salad dressings are distributed nationally in major grocery stores, Superior Food's management has established the following standards Material: 12 ounces per unitat 60 per ounce. Labor: 2 hours per unitat 58 per hour During the month of December, the company produced 1.000 units. Information for the month follows: Materials 14.000 ounces purchased and used a total cost of $7.700 Labor 2.500 hours worked at a total cost of $20.625 The materials price variance is Standard Cost Variance Formulas Material Price Variance = (AP-SP) AQ' AP actual price per unit of material SP standard price per unit of material Ad actual quantity of material purchased Material Quantity Variance = (AQ" - SQ) SP AQ'actual quantity of material used SQ standard quantity of material for the actual level of production SP = standard price per unit of material Labor Rate Variance - (AR-SRIAH AR actual labor rate per hour SR standard labor rate per hour Labor Rate Varlance = (AR-SR) * AH AR = actual labor rate per hour SR - standard labor rate per hour AH = actual hours worked Labor Efficiency Variance = (AH-SH) SR AH = actual hours worked SH = standard hours of labor for the actual level of production SR = standard labor rate per hour Variable Manufacturing Overhead rate varlance = (AR- SR) AH AR = actual variable manufacturing overhead rate SR = standard variable manufacturing overhead rate AH = actual hours worked Varlable Manufacturing Overhead Efficiency Varlance = (AH-SH) SR AH = actual hours worked SH = standard hours for the actual level of production SR = standard variable manufacturing overhead rate $600 F $700 F $600 U $700 U