Standard Quantity or Hours 7.6 ounces 0.5 hours 0.5 hours Standard Cost Per Unit $30.40 $ 5.00 $ 2.50 Standard Price or Rate $ 4.00 per ounce $ 10.00 per hour $ 5.00 per hour Direct materials Direct labor Variable overhead The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 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 20,000 ounces 17, 400 ounces 470 hours 45,000 13,000 3,400 $ $ $ 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 rate variance for June is The variable overhead rate variance for June is. Multiple Choice $1,062 U $1.062 $1,050 F $1,050 U