Vernon Mills, Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs per unit of product for a recent period are given below for one of the company's product lines: During this period, the company produced 4,800 units of this product. (5 marks) Compute the materials price and quantity variance and give a possible reason for each variance. .) (5 marks) Compute the labour rate and efficiency variances and give a possible reason for each variance. . (5 marks) Compute the variable overhead spending and efficiency variances and give a possible reason for each variance Note: Be sure to clearly indicated whether a variance is favourable or unfavourable