(12 points) problem #1 Hector Company has developed the following standard cos for its product for 2019 HECTOR COMPANY Standard Cost Card Product A Cost Element Direct materials Direct labor Manufacturing overhead Standard Quatity 4 pounds 3 hours 3 hours Standard Price Standard Cost $12 36 12 S60 12 4 Actual results for 2019 are as follows 26,000 units of Product A were produced. Actual direct materials purchased and used during the year cost $304,500 for 105,000 pounds. . Actual direct labor costs were $976,000 for 80,000 direct labor hours worked Instructions A Compute the total materials variance, the materials price variance, and the materials quantity variance, also indicate whether each variance is favorable or unfavorable B. Compute the total labor variance, the labor price variance, and the labor quantity variance, also indicating whether each variance is favorable or unfavorable