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PROBLEM B-18A Comprehensive Variance Analysis [LO4, LO5, LO6] Portland Company's Ironton Plant produces precast ingots for industrial use. Carlos Santiago, who was recently appointed general manager of the Ironton Plant, has just been handed the plant's contribution format income statement for October. The statement is shown below: Mr. Santiago was shocked to see the loss for the month, particularly because sales were exactly as budgeted. He stated, "I sure hope the plant has a standard cost system in operation. If it doesa't, I won't have the slightest idea of where to start looking for the problem." The plant does use a standard cost system, with the following standard variable cost per ingot: During October the plant produced 5,000 ingots and incurred the following costs: a. Purchased 25,000 pounds of materials at a cost of $2.95 per pound. There were no raw materials in inventory at the beginaing of the month. b. Used 19,800 pounds of materials in prodaction. (Finished goods and work in process inventories are insignificant and can be ignored.) c. Worked 3,600 direct labor-hours at a cost of $8.70 per hour. d. Incurred total variable manuficturing overhead costs of $4,320 for the month. A total of 1,800 machinehours was recorded. Required: 1. Compute the following variances for October: a. Direct materials quantity and price variances. b. Direct labor efficiency and rate variances. c. Variable overhead efficiency and rate variances