(Brightspace, table of contents, after The standard to make one pocketbook is that each unit produced requires 1.50 feet of leather at a cost of $18 per foot. During the month, 38,000 pocketbooks were produced and 60,000 feet of leather was used. The amount of leather purchased for the month was 65,000 feet at a cost of $1,121,250. Compute the following, identify if Favorable or Unfavorable (show your work): Materials Price Variance Materials Efficiency (Quantity) Variance Materials Total Variance Materials Purchase Price Variance e the Flex Material Actual Actual Quantity Actual $ Total Actual Actual Quantity Stand $ Total Flex Standard Standard Quantity Stand $ Total Standard Price (rate) Variance Efficiency (Quantity) Variance Material Purchase Price Variance Actual Actual Quantity Purchased Actual $ Total Actual Flex Actual Quantity Purchased Stand $ Total Flex Material Purchase Price Variance al cos your Pard HO 2. Continued from the information above, the standard time allowed to make a pocketbook is.25 labor hours at a rate of $20.00 per labor hour. During the month, 8,700 labor hours were used at an average hourly rate of $23.00 in order to make the 38,000 pocketbooks. Compute the following, identify if Favorable or Unfavorable (show your work): Labor Price Variance Labor Efficiency (Quantity) Variance Labor Total Variance vec A pur Flex in ic Labor Actual Actual Quantity Actual Total Actual Actual Quantity Stand $ Total Flex Standard Standard Quantity Stand $ Total Standard Price (rate) Variance Efficiency (Quantity) Variance Come up with a story to explain what caused the materials and labor variances. Make sure your explanation fully explains ALL of the variances. What do you recommend the company do about the variances