ABC Company manufactures a variety of calculators. A R79 model calculator has the following

ABC Company manufactures a variety of calculators. A R79 model calculator has the following standard costs. Direct material 3 pounds @ 3.75 per pound Direct labor 5 hours @ 22.50 per hour Actual results for February are given below: Finished units 7,800 units Direct labor 40,100 hours @ 21.90 per hour Direct material purchased 25,000 pounds @ 3.90 per pound Direct material used 23,200 pounds Required: Calculate the following variances and state if they are favorable or unfavorable. Direct material price variance Direct material usage variance Direct labor rate variance Direct labor efficiency variance Favorable / Unfavorable