Question C2 Rebox Sports Limited makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.7 liters $5.00 per liter Direct labor 0.3 hours $21.00 per hour Variable overhead 0.3 hours $7.00 per hour The company reported the following results concerning this product in December. Actual output 7,700 units Raw materials used in production 26,880 liters Actual wages $48,805 Actual variable overhead $14,528 Actual fixed overhead $25,425 Purchases of raw materials 28,400 liters Actual price of raw materials $4.90 per liter $21.50 per hour Actual direct labor rate Variable overhead is applied on the basis of direct labor-hours. 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 rate variance.