Compute price and quantity variance for materials, labor and overhead be sure to properly label each variance as well as direction of the variancefavorable or unfavorable Derickson Inc. has provided the following standards for one of its products: Direct Material Direct Labor Variable Overhead Standard Quantity/Hours 4.5 pounds 1.2 direct labor hours 1.5 machine hours Standard Price/Rate $12.00 per pound $20.00 per direct labor hour $8.00 per machine hour The following information was compiled during the month of March: -5,000 units were produced -26,000 pounds of direct materials were purchased for $325,000 -24,000 pounds of direct materials were used in production -5,800 direct labor hours were recorded at a cost of $127,600 -7,200 machine hours were recorded at a cost of $59.400