Graybeal Corporation makes a product with the following standard costs: 
The company reported the following results concerning this product in March. 
The materials price variance is recognized when materials are purchased. Variable overhead is applied on the basis of direct labor-hours.
Required:
a. Compute the materials quantity variance.
b. Compute the materials price variance.
c. Compute the labor efficiency variance.
d. Compute the labor rate variance.
e. Compute the variable overhead efficiency variance.
f. Compute the variable overhead rate variance.
Definitions:
ELMS System
An acronym for Electronic Learning Management System, a digital platform used to create, deliver, manage, and track educational courses and training programs.
Account Analysis
The examination and evaluation of a customer's account(s) to understand financial activity and offer tailored advice or products.
Life Insurance Industry
The sector of finance that deals with products and services designed to provide financial security in the event of death or other contingencies.
Sales Territory
A specific geographic area or group of customers assigned to a salesperson or team for purposes of marketing, sales, and service.
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