Variance Computations and Explanations Outdoor Company manufactures camping tents from a lightweight synthetic fabric. Each tent has a standard materials cost of $20, consisting of 4 yards of fabric at $5 per yard. The standards call for 2 hours of assembly at $11 per hour. The following data were recorded for October, the first month of operations: Fabric purchased 9,000 yards * $4.70 per yard Fabric used in production of 1,600 tents 7,000 yards Direct labor used 3,300 hours * $11.50 per hour (a) Compute all standard cost variances for materials and labor. Support Materials price variance (usage basis) $ Materials price variance (purchase basis) $ Materials quantity variance Labor rate variance Labor efficiency variance 0xF OXF OXU OXU OXU Purchase of low quality matendis. V Last minute purchases of raw materials from a trusted supplier to meet unexpected demand for final products. Quantity discounts and the use of highly skilled production employees. (c) Determine the standard variable cost of the 1,600 tents produced, separated into direct materials and labor. OX Direct materials Direct labor Total standard variable cost $ OX Check