The direct labor standards for a particular product are 4 hours of direct labor at $14.00 per direct labor-hour= $56.00. During October, 3,550 units of this product were made, which was 150 units less than budgeted. The labor cost incurred was $197,676 and 14,450 direct labor-hours were worked. Required: 1. Using the template provided below, calculate the labor rate variance, labor efficiency variance and spending variance for the month in total dollars. Make sure to identify the variances as favorable (F) or unfavorable (U). Actual Hours, at Actual Hours, at Standard Hours Actual Rate Standard Rate Allowed for Output. at Standard Rate (AH x AR) (AH x SR) (SH * SR) Labor rate variance. Labor efficiency variance, Spending Variance,Part B (35 Points) The following standards have been established for a raw material used to make product 084: Standard quantity of the material per unit of output 6.90 meters Standard price of the material $ 17.90 per meter The following data pertain to actual operations concerning the product for the last month: Actual material purchased and used 3.300 meters Actual cost of material purchased and used $ 60,885 Actual output 500 units of product 084 There were no beginning inventories of direct materials. Required: 1. Using the template provided below, calculate the materials price variance, materials quantity variance and spending variance for the month in total dollars. Make sure to identify the variances as favorable (F ) or unfavorable (U). Actual Quantity of Actual Quantity of Standard Quantity Input, at Actual Input, at Standard Allowed for Output, at Price Price Standard Price (AQ * AP) (AQ * SP) (SQ * SP) Materials price variance, Materials quantity variance. Spending Variance