1. Cyrus Medical Products, Inc, uses standard costs and provides the following data concerning one of its products for the month just completed: 300 units Units of output produced Standard pounds of direct materials (DM) allowed per unit of output Standard DM price per pound Actual DM purchase price per pound Actual quantity of DM purchased Actual quantity of DM used in production Direct manufacturing labor (DML) payroll DML price variance DML efficiency variance 10 pounds $2.00 v $1.80 V 4,000 pounds 3,500 pounds $6,050 $550 favorable $600 unfavorable a. Compute the DM variances in the columnar format below, assuming the price variance is isolated when DM are purchased. Use F for favorable variances and U for unfavorable variances