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: Materials Standard cost Actual cost Standard: 4m at $5.40 per m $21.60 Actual: 4.4m at $5.05 per m $22.22 Direct labour Standard: 1.6 hrs at $6.75/hr $10.80 Actual: 1.4 hrs at $7.30/hr $10.22 Variable overhead Standard: 1.6 hrs at $2.70/hr $4.32 Actual: 1.4 hrs at $3.25/hr $4.55 Total cost per unit of product $36.72 $36.99 During this period, the company produced 4,800 units of this product. a. (5 marks) Compute the materials price and quantity variance and give a possible reason for each variance. b. (5 marks) Compute the labour rate and efficiency variances and give a possible reason for each variance. c. (5 marks) Compute the variable overhead spending and efficiency variances and give a possible reason for each variance