Compute$$ material, labor, and overhead variances. $2.$ Interpret the variances. $3.$ Suppose the cost function for variable overhead was $ $4\mathrm{.}40$$$4\mathrm{.}40$ per labor hour instead of $ $6\mathrm{.}60$$$6\mathrm{.}60$ per kayak. Compute the$$ variable$-$overhead efficiency variance and the total overhead spending variance. Would these variances lead you to a different interpretation of the overhead variances from the interpretation in requirement$2?$ Explain.