QUESTIONS 1-5 PERTAIN TO THE INFORMAITON BELOOW Ravena Labs., Inc. makes a single product which has the following standards: Direct materials: 2.5 ounces at $20 per ounce Direct labor: 1.4 hours at $12.50 per hour Variable manufacturing overhead: 1.4 hours at 3.50 per hour Variable manufacturing overhead is applied on the basis of standard direct labor-hours. The following data are available for October: 3,750 units of compound were produced during the month. There was no beginning direct materials inventory. Direct materials purchased: 12,000 ounces for $225,000. The ending direct materials inventory was 2,000 ounces. Direct labor-hours worked: 5,600 hours at a cost of $67,200. Variable manufacturing overhead costs incurred amounted to $18,200. Variable manufacturing overhead applied to products: $18,375. 1- The materials price variance for October is: A) $15,000 Unfavorable B) $15,000 Favorable C) $25,000 Unfavorable D) $25,000 Favorable 2- The materials quantity variance for October is: A) $52,500 Unfavorable B) $52,500 Favorable C) $12,500 Unfavorable D) $12,500 Favorable 3-The labor efficiency variance for October is: A) $1,400 Favorable B) $1,900 Unfavorable C) $3,750 Favorable D) $4,375 Unfavorable 4-The variable overhead rate variance for October is: A) $1,400 Favorable B) $1,900 Unfavorable C) $3,750 Favorable D) $4,375 Unfavorable 5-The variable overhead efficiency variance for October is: A) $1,400 Favorable B) $1,225 Unfavorable C) $1,900 Unfavorable