Zee Corporation has developed the following cost standards for the production of its leather backpacks: Standard Cost Per Backpack Leather (0.9 yards $36 per yard) $32.40 Direct labor (1.2 hours $21.00 per hour) $25.20 Variable overhead (1.2 hours $24.80 per hour) $29.76 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 7,000 Direct labor hours incurred 7,820 Yards of leather purchased 7,500 Yards of leather used in production 6,850 Cost of leather purchased $261,750 Direct labor cost $158,355 Variable overhead cost $197,455 The direct materials purchases variance is computed when the materials are purchased. Required: Compute the following variances for Zee. a. Materials price variance. b. Materials quantity variance. c. Labor efficiency variance. d. Variable overhead rate variance