V. Flushing Corp. produces a single product Variable manufacturing overhead is applied to products on the basis of direct-labor hours. The standard cost card for one unit of product is as follows: ( (1) (2) Standard Standard Standard Quantity Price Cost Inputs or Hours or Rate (1) (2) Direct materials. ..6 ounces $0.50 per ounce $3.00 Direct labor... ..0.6 hours $30.00 per hour 18.00 Variable manufacturing overhead.....0.6 hours $10.00 per hour 6.00 Total standard cost per unit........ $27.00 During June, 2,000 units were produced. The costs associated with June's operations were as follows: Materials purchased: 18.000 ounces at $0.60 per ounce... ..$10,800 Materials used in production: 14,000 ounces... Direct Labor:1,100 hours at $30.50 per hour...... ..$33,550 Variable manufacturing overhead costs incurred.. ..$12,980 Required: 1. Compute labor rate variance and the labor efficiency variance. (8 points) 2. Compute the overhead rate variance and the overhead efficiency variance. (8 points)