Zee Corporation has developed the following cost standards for the production of its leather backpacks Standard Cost Per Backpack Leather (1.3 yards x $32 per yard) Direct labor (1.6 hoursx $17.00 per hour) Variable overhead (1.6 hours x $21.60 per hour) $41.60 $27.20 $34.56 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 9,000 13,740 13,060 12,770 $400,942 $220,527 $300,906 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