yandard and actual costs per unit are provided below for the most recent period Brod 500 units were acully produced Product Standard Cost Product Actual Cost $8.00 Metres 4 4.1 Hours 3 3.2 Materials Standard Actual Direct labour Standard Actual Variable overhead Standard Actual Total unit cost Unit Price Per Metre $2.00 $1.90 Hourly Rate $7.00 $6.50 $7.79 $21.00 3 $20.80 Hours Hourly Rate $6.00 $3.00 $3.10 2.2 $6.82 $35.41 $35.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance- 4. Direct labour efficiency variance 5. Variable overhead rate variance 6. Variable overhead efficiency variance