Topline Surf Boards manufactures a single product. The standard cost of one unit of this product is as follows: There was no beginning inventory of raw materials. The variable and fixed manufacturing overhead rates are based on direct labourhours. Required: 1. For direct materials: a. Compute the price and quantity variances for October. b. Prepare journal entries to record activity for October. 2. For direct labour: a. Compute the rate and efficiency variances for October. b. Prepare a journal entry to record labour activity for October. 3. For variable manufacturing overhead: a. Compute the spending variance for October, and verify the efficiency variance given above. b. If manufacturing overhead is applied to production on the basis of direct labour-hours, is it possible to have a favourable direct labour efficiency variance and an unfavourable variable overhead efficiency variance? Explain. 4. For fixed manufacturing overhead: a. Compute the volume variance for October. Go to Settings to activate b. Compute actual costs for October