1) The following information describes production activities of the Midtown Corp.: Raw materials used Factory payroll 30,000 units were completed during the year Budgeted standards for each unit produced: 1/2 lb. of raw material at $4.15 per lb. 10 minutes of direct labor at $12.50 per hour Compute: 16,000 lbs. at $4.05 per lb. 5,545 hours for a total of $72,085 A. The direct materials price and quantity B. The direct labor rate and efficiency variances. C. Indicate whether each variance is favorable or unfavorable. AQ * AC Material cost variance AQ * SC Total Variance SQ * SC Material usage(efficiency) variance