Zee Corporation has developed the following cost standards for the production of its leather backpacks Standard Cost Leather (0.9 yards x $22 per $19.80 Direct labor (1.3 hours x $9.00 per hour) Variable overhead (1.3 hours x $15.00 per hour) $11.70 S19.50 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 15,000 18,800 14,500 14,100 $306,675 $159,800 $285,760 The direct materials purchases variance is computed when the materials are purchased Compute the following variances for Zee a. Materials price variance b. Materials quantity variance c. Labor efficiency variance d. Variable overhead rate variance