7. Lionaire, Inc. has developed the following standard cost data: Per Unit $12.00 8.00 Direct materials (6 lbs.$2.00/lb.) Direct labor (1 hrs.@ $8.00/hr.) During the last period, the company produced 128,000 units. Actual costs were: Direct materials (760,000 lbs.) $1,558,000 1,014,300 Direct labor (126,000 hrs.) Determine the direct materials price and quantity variances and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorabl Direct materials: Price variance Quantity variance Direct labor: Rate variance Efficiency variance