1. Your Company produces Widgets. During the year 210,000 widgets were produced. Materials and labor standards for producing the widgets are as follows: Direct materials (2 pieces of wood @ $2.75 each) Direct labor (1.5 hours @ $10.10 per hour) You purchased and used 430,000 pieces of wood at $2.10 each and its actual labor expense was $3,255,000 for 310,000 hours. What are the materials variances? Using the columnar approach described in the textbook fill in the table below for the various material variances. Label each cell in the table and include favorable or unfavorable with your numeric answers in the appropriate cell