Variance Computations and Explanations Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the company's two-person tent has a standard materials cost of $60, consisting of 4 yards of fabric at $15 per yard. The standards call for 1.5 hours of assembly at $20 per hour. The following data were recorded for October, the first month of operations: Fabric purchased Fabric used in production of 1,200 tents Direct labor used 6,500 yards x $ 14.50 per yard 4,850 yards 1,850 hours x $19.50 per hour (a) Compute all standard cost variances for materials and labor. OF OU Materials price variance (usage basis) Materials price variance (purchase basis) $ Materials quantity variance $ Labor rate variance $ Labor efficiency variance 0 $ 0 A 0 (b) Determine the standard variable cost of 1,200 tents produced, separated into direct materials and labor. Direct materials A 0 Direct labor $ 0 Total standard variable cost $ 0