Case 2 Balmez Company produces bricks and uses a standard costing system. On the diagram below, the line OP represents Balmez Company's standard material cost at any output volume expressed in direct material pounds to be used. Balmez Company had identical outputs in each of the first three months of 2019, with a standard cost of V in each month Points Ja, Fe, Ma represents the actual pounds used and actual costs incurred in January, February, and March, respectively. P $ Total Material Fe* Cost *Ma Ja Materials Pounds Required: For items 1 through 5, determine whether each variances is favorable (F) or unfavorable (U): 1. January material price variance 2. January material usage variance. 3. February material price variance 4. February material usage variance 4. March material net variance