Toronto Company's budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced Product Budget Cost Product Actual Cost $22.00 $19.76 Materials Budget Actual Direct labour Budget Actual Variable overhead Budget Actual Total unit cost Metres 5.5 5.2 Hours 4 3.7 Unit Price Per Metre $4.00 $3.80 Hourly Rate $5.00 $5.50 $20.00 $20.35 Hours Hourly Rate 4 3.81 $14.00 $3.50 $3.10 $11.78 $51.89 $56.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead rate variance 6. Variable overhead efficiency variance 7. Please give some managerial suggestions based on your calculation