A financial analyst for Bob-omb Minerals, Inc. has given you information with respect to standard cost variances for one of the plants. There was an unfavorable materials efficiency variance of $15,000 and a $24,500 favorable materials price variance. For labor, the rate variance was $3,000 (unfavorable) and the efficiency variance was $15,000 (favorable). The total factory overhead price variance was $2,000 (unfavorable). There was a favorable efficiency variance of $9,000 for total factory overhead. There were no beginning or ending inventory of direct materials. He also gives you a list of the standard costs for last year's production of 120,000 units of product. The standard labor time required to produce each unit is 20 minutes, and it takes one pound of direct materials to produce each unit. Answer the following questions. 1. How many direct labor hours should have been used to manufacture the 120,000 units of product? 2. How many direct labor hours were used? 3. What was the actual total factory overhead cost? 4. What was the budget of variable factory overhead for the actual time used to manufacture the 120,000 units of product? 5. What was the actual direct labor cost? 6. How many pounds of materials were actually used in production? 7. What was the average actual cost paid for each pound of material purchased