5 4) Murray Company has carefully studied the process used to manufacture its only product the ACE-96. The company has developed the following standard for each ACE-96 that the company produces: 6 pounds of Goodstuff at $15.35 per pound 14 hours of labor at $7.85 per hour During January, Murray manufactured 2.287 ACE-96'sThe company purchased 14,000 pounds of Goodstuff at a cost of $14.80 per pound and used 13,500 pounds of Goodstuff in the production process. Employees were paid $253,328 for 31,666 hours of work. Calculate the material price variance, material efficiency variance, labor rate variance and labor efficiency variance. Indicate if each of the variances is favorable or unfavorable. MEV LEV