Standard Cost Per Standard Price or Rate $ 4.00 per ounce $ 16.00 per hour $ 4.00 per hour Standard Quantity or Hours Unit Direct materials Direct labor Variable overhead 6.5 ounces 0.5 hours 0.5 hours $26.00 $ 8.00 $ 2.00 The company reported the following results concerning this product in February Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 5,500 units 8,300 units 30,600 ouncess 1,960 hours 33,000 ounces $ 72.90 per ounce $ 82.40 per hour $ 4.60 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased The variable overhead efficiency variance for February is