14. Worth 25 points. Show your work for opportunities for partial credit Malfoy Manufacturing makes a product with the following standard costs: Standard Qty Standard Price or or Hours Rate 4 Direct materials... 1.5 Liters $4.50 per liter 5 Direct labor 0.5 hours $20 per hour 6 Variable overhead 0.5 hours $4 per hour 8 The company produced 4,000 units in September using 6,100 liters of direct material and 2,100 9 direct labor hours. During the month, the company purchased 6,500 liters of the direct material at 10 $4.25 per liter. The actual direct labor rate was $19.75 per hour and the actual variable overhead 11 rate was $3.75 per hour. 12 The company applies variable overhead on the basis of direct labor-hours. The direct materials 13 purchases variance is computed when the materials are purchased. 14 Required: 15 Calculate the spending variances, price variances, and quantity variances for direct materials, 16 direct labor, and variable manufacturing overhead