Can you please help me answer the questions below?

No. 1. Del Rio, Inc., is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Cost Actual Cost Direct materials Standard: 40 yards at $3.60 per yard P14.40 Actual: 4.4 yards at $3.35 per yard P14 74 Direct labor: Standard: 16 hours at P4.50 per hour 7.20 Actual: 1.4 hours at $4.85 per hour 6.79 Variable manufacturing overhead: Standard: 16 hours at $1.80 per hour 2.88 Actual: 1.4 hours at P2.15 per hour 3.01 Total cost per unit P24.48 P 24.54 During this period, the company produced 4,800 units of product. A comparison of standard and actuel costs for the period on a total cost basis is given below. Actual costs: 4.800 units at $24 54 P717.792 Standard costs: 4.800 units at P24 48 117,504 Difference in cost - unfavorable #288 There was no inventory of materials on hand to start the period. During the period, 21,120 yards of materials were purchased and used in production. Required 1. Compute the material price and quantity variances for the period. 2. Compute the labor rate and efficiency variances for the period. 3. Compute the variable manufacturing overhead rate and efficiency variances. L On seeing the P288 total cost variance, the company's president t stated, "This variance of $288 is only 0.2% of the P117.504 standard cost for the period. It's obvious that our costs are well under control." Do you agree? Explain. 5. State possible causes of each variance that you have computed