Standard Quantity or Hours Standard Price or Rate Direct materials 4.5 pounds $10.50 per pound Direct labor 0.55 hours $21.50 per hour Variable overhead 0.55 hours $4.00 per hour In October the company produced 5,600 units using 28,000 pounds of the direct material and 3,360 direct labor-hours. During the month, the company purchased 27,600 pounds of the direct material at a total cost of $266,000. The actual direct labor cost for the month was $73,080 and the actual variable overhead cost was $11,760. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchase variance is computed when the materials are purchased. Required: Compute the materials price variance. Compute the materials quantity variance. Compute the labor rate variance. Compute the labor efficiency variance. Compute the variable overhead rate variance. Compute the variable overhead efficiency variance.