QUESTION 7 10 points Sav 7. Stewart Corporation makes a product with the following standard costs: Direct materials Direct labor.... Variable overhead Standard Quantity or Hours 9 3 pounds 04 hours 04 hours Standard Price or Rate $8.00 per pound $19.00 per hour $7.00 per hour Standard Cost Per Unit $74 40 $7.60 $2.80 The company reported the following results concerning this product in August. Originally budgeted output. Actual output Purchases of raw materials Actual direct labor-hours.. Actual cost of raw materials purchases....... Actual direct labor cost.... Actual variable overhead cost..... 3,000 units 3,100 units 30,370 pounds 33,900 pounds 1,340 hours $264,420 $27.872 $8,844 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance. TTT Arial 43 (12pt) T.E.E . Save All Answers Save a