Variance Analysis P9-A Onion Company manufactures a product known as Teardrops. Standard Costs for Direct Materials and Direct Labor (budget for one unit) Standard Quantity or Hours 3.0 pounds 4.0 hours Standard Price or Rate $ 4.00 $14.00 Standard Cost $ 12.00 56.00 Direct Materials Direct labor X The following actual data resulted in the production of 6,000 units: a) Materials purchased 19,000 pounds at a cost of $4.20 per pound. All of the materials were used. b) Worked 23,000 direct labor hours at a total cost of $333,500. Compute the following: Material price variance Labor rate variance Material quantity variance Labor efficiency variance P9-B