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Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price $ 2.50 per pound $ 7.70 per hour $ 2.30 per pound 990,000 pounds 14,000 Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours. Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Req 1 Req 2 and 3 Complete this question by entering your answers in the tabs below. X Answer is complete but not entirely correct. Req 4 2. Direct Materials Price Variance 3. Material Quantity Variance 1,145,000 pounds 12,000 Req 5 1,020,000 pounds $5,760 F 2. Compute the direct materials price variance based on the actual quantity purchased. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). 3. Calculate the direct materials quantity variance based on the actual quantity used. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). $ 229,000 U $ 75,000 U Show less A Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.50 per pound $ 7.70 per hour $ 2.30 per pound 990,000 pounds 14,000 1,145,000 pounds 12,000 1,020,000 pounds $5,760 F Actual purchase price. Actual direct labor rate. Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Answer is complete but not entirely correct. $ Req 5 Compute the direct labor efficiency variance for October. Note: Round your intermediate calculation to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Labor Efficiency Variance 15,400 X F