Problem 5 (5pts each) Wilco has established standards as follows: Direct material: 3 pounds per unit @ $4 per pound = $12 per unit Direct labor: 2 hours per unit @ $8 per hour = $16 per unit Variable manufacturing overhead: 2 hours per unit @ $5 per hour= $10 per unit Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Units Produced Direct Materials purchased and used Direct Material Cost Direct Labor Cost (3,000 DL Hours Used) Variable Overhead Incurred 600 Units ,000 lbs. $7,600 $9,240 $5,720 The company applies variable manufacturing overhead to products on the basis of direct labor- hours. The materials price variance is: The materials quantity variance is: The materials spending variance is The labor rate variance is: The labor efficiency variance is