Zee Corporation has developed the following cost standards for the production of its leather backpacks: Leather (1.9 yards * $26 per yard) Direct labor (2.2 hours * $11.00 per hour) Variable overhead (2.2 hours $16.80 per hour) Standard Cost Per Backpack $49.40 $24.20 $36.96 Variable overhead at Zee is applied on the basis of direct labor hours. The actual results for last month were as follows: Number of backpacks produced Direct labor hours incurred Yards of leather purchased Yards of leather used in production Cost of leather purchased Direct labor cost Variable overhead cost 12,000 25,620 24,400 23,850 $595,360 $249,795 $436,821 The direct materials purchases variance is computed when the materials are purchased. The direct materials purchases variance is computed when the materials are purchased. Required: Compute the following variances for Zee. a. Materials price variance. Materials price variance b. Materials quantity variance. Materials quantity variance c. Labor efficiency variance. Labor efficiency variance d. Variable overhead rate variance. Variable overhead rate variance