ABC Company manufactures a variety of circuit boards. The standard costs for one of its products are as follows: Direct material 6.0 pounds @ $4.80 per pound Direct labor 2.2 hours @ $13.50 per hour Actual results for the year are given below: Finished units 210,000 units Direct labor 435,000 hours @ $13.20 per hour Direct material purchased 1,116,000 pounds @ $5.10 per pound Direct material used 1,110,000 pounds Required: Calculate the following variances and state if they are favorable or unfavorable. a) Direct material price variance (2.5 Marks) Favorable / Unfavorable b) Direct material usage variance (2.5 Marks) Favorable / Unfavorable c) Direct labor rate variance (2.5 Marks) Favorable / Unfavorable d) Direct labor efficiency variance (2.5 Marks) Favorable / Unfavorable