3: Variance Analysis (NEW Problem INFORMATION!!) Our company had the following data regarding direct materials and direct labor usage this year: Direct Materials Purchased 65960 feet at a cost of $15 per foot Direct Materials Used 65400 feet Direct Labor Used 97900 hours at a rate of $14 per hour Actual units produced 32700 units The standards set by our company include the following: Direct materials 2 feet at a cost of $17 per foot Direct labor 3 hours used per unit at a cost of $13 per hour Overhead 80% of direct labor cost Calculate the direct material and direct labor variances and then comment on the results. SHOW AND CLEARLY LABEL ALL WORK Direct Material Price Variance