Answer all requirement questions please

The Farmer Restaurant Group manulactures the bags of frozen French fres used at is franchised restaurants. Last week, Farmer's purchased and used 103,000 pounds of potatoes at a price of \$0. 80 per pound. During the week, 2,100 direct labor hours were incurred in the plant at a rate of $12.45 per hour. The standard price per pound of potatoes is $0.95, and the standard direct labcr rate is $12.25 per hour. Standards indicate that for the number of bags of frozen fries produced, the factory should hove used 101,000 pounds of potatoes and 1,900 hours of direct labor. Read the reguirements. Requirement 1. Defermine the direct material price and quantily variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances as positive numberi Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the vasiances as tavorable (F) or unfarorable (U). Abbreviations used: DM = Direct materials) Begin by determining the formula for the price vanance, then compute the price variance for direct materials. \begin{tabular}{|c|c|c|c|} \hline1 & - & 1= & DM price variance \\ \hline1 & 1. & )= & \\ \hline \end{tabular} Requirements 1. Determine the direct matorial price and quantiy variances. Be sure to labe! each variance as favorable or unfavorable. 2. Think of a plausble explanation for the variances found in Fequirement 1. 3. Determine the drect labot rate and efficiency variances Be sure to labei each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tod to the material variances? Explain