Acompanv produced 1,600 units last month. They used 3,500 lbs of material at a cost of $21,8?5 and 2,300 direct labour hours were worked at a cost of 5531490. According to the standard cost card for lj'ris item, it should require 2.2 lbs per unit at a cost of $6.50 per lb and 1.5 direct labour hours per unit at a cost of $15.00 per hour. Required: Calculate the direct materials price and quantity variances _ Show your work and label your variances [name of variance a_nd favourable or unfavourable}. {7' marks] Paragraph v B I U. V on '9 '1' v LaiolReeorn...v rapt v Tl Q {:3 Using formulas {or table for model variance analvsis follows if preferred}