Akron Chemical Company manufactures Rexide, a product used in the plastics industry. The company prepares its budget on the basis of standard costs. The budgeted production in January was 1,300 units. The following data are for January Actual results: Direct material purchased Direct material used Direct labor Units produced Standards for one unit of Rexide Direct material Direct labor Required: 5,200 kilograms at $1.19 per kilogram 4,700 kilograms 7,400 hours at $15.25 per hour 1,200 units 4 kilograms at $1.10 per kilogram 6 hours at $15 per hour Compute the following variances and determine whether they are favorable or unfavorable (show your calculations for credit): 1. (4 points) Direct material price variance 2. (4 points) Direct material quantity variance 1 3. (4 points) Direct material inventory variance 4. (4 points) Direct labor rate variance 5. (4 points) Direct labor efficiency variance Edit View Insert Format Tools Table 12pt Paragraph BIUALT > 5 !!! c S R