3) Molino Company produces ponchos. The company has established the following direct material and direct labor standards for one poncho. During the first quarter of the year. Molino produced 25,000 ponchos. The company purchased and used 78,200 yards of wool at $2.90 per yard. Actual direct labor used was 90,000 hours at $5.20 per hour. A) Calculate the direct material price and usage variances. (8 marks) B) Calculate the direct labor rate and efficiency variances. (8 marks) c) Total material direct material cost variance. (4 marks)