Use the following information to answer questions 14 : Ingram Manufacturing produces football equipment. The standard cost of producing one unit of Model XTD is: At the start of 2022, Ingram's planned to produce 80,000 units during the year. Annual fixed overhead is $56,000 and the standard for variable overhead is $1.50 per unit. The following information summarizes the results for 2022 : Actual production was 75,000 units Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours and were paid $275,000 Actual overhead incurred was $175,000 1. What is the material price variance? A. $13,312.50Fav C. $4,875.00 Unfav B. $13,750.00Fav D. $2,500,00Fav 2. What is the material quantity variance? A. $4,875.00 Unfav C. $4,687.50 Unfav B. $3,750.00 Unfav D. $625.00 Unfav 3. What is the labor rate variance? A. \$18,000 Unfav C. $6,000 Unfav B. $11,000Fav D. \$11,000 Unfav 4. What is the labor efficiency variance? A. \$13,000 Fav C. \$6,000 Fav B. $6,000 Unfav D. $18,000Fav