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) Standard Quantity Inputs or Hours Direct materials. ..6 ounces Direct labor.... .0.6 hours Variable manufacturing overhead.....0.6 hours Total standard cost per unit.. Standard Price or Rate $0.50 per ounce $30.00 per hour $10.00 per hour Standard Cost (1) x (2) $3.00 18.00 6.00 $27.00 During June, 2,000 units were produced. The costs associated with June's operations were as follows: $10,800 Materials purchased: 18,000 ounces at $0.60 per ounce.. Materials used in production: 14,000 ounces. Direct Labor:1,100 hours at $30.50 per hour... Variable manufacturing overhead costs incurred. $33,550 $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)