5. (20 pts.) The following data was obtained for a company that makes statutes: Standard Inputs Expected For Each Unit of Output 5 pounds 1.5 hours Standard Price Direct material Direct labor $12 per pound $12 per hour During the month of July, the company actually produced 1,000 statutes, which is 100 units less than expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound. Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour. A) Compute the price and quantity variances for direct materials B) Compute the price and quantity variances for direct labor. nd Cafeteria as