Amber Company produces Iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.50 per 1b. $ 6.70 per hour $ 1.30 per lb. 890,000 lbs. 15,000 1,035,000 lbs. 9,000 920,000 lbs. $4,680 F Required: 1. Calculate the total cost of purchases for October 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Reg 5 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Standard parchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Artual quantity used in October Direct labor rate variance $ 1.30 per lb. 398,000 lbs. 15,888 1,035,088 lbs. 9,888 928,898 lbs. $4,689 Required: 1. Calculate the total cost of purchases for October 2. Compute the direct materials price variance based on quantity purchased. 2. Calculate the direct materials quantity variance based on quantity used, 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Complete this question by entering your answers in the tabs below. Reg 2 and 3 Regi Regs 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.0, zero variance).) 2 Direct Materials Prico Varance 3 Material Quantity Variance PL RA