Direct Materials and Direct Labor Variance Analysis Best Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 70 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.6 Standard labor time per faucet 20 min. Standard number of lbs. of zinc 1.7 lbs. Standard price per lb. of zinc $10.5 Actual price per lb. of zinc $10.75 Actual lbs. of zinc used during the week 14,700 lbs. Number of faucets produced during the week 8,400 Actual wage per hour $13 Actual hours per week 2,520 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per faucet $ Direct labor standard cost per faucet $ Total standard cost per faucet $ b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $ Quantity variance $ Total direct materials cost variance $ c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance $