Answer the following. 1) In producing 700 units of product last period, Azure Company used 5,000 pounds of Material K, costing $34,250. The company has established the standard of using 7.2 pounds of Material K per unit of product, at a price of $7.50 per pound. Calculate the materials price and quantity variances associated with producing the 700 units, and indicate whether they are favorable or unfavorable: Material Variances AQ" AC AQSC SQ - SC Material cost variance Material usage(efficiency) variance Total Variance 3250 FAVORABLE Labor variances AQ AC AQSC SQSC Labor rate variance labor usage(efficiency) variance Material Variances AQAC AQSC SO SC Material cost variance Material usage(efficiency) variance Total Variance 3250 FAVORABLE Labor variances AQAC AQSC SQSC Labor rate variance I labor usage(efficiency) variance Total Variance