Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $20.00 Standard labor time per faucet 30 min. Standard number of lbs. of brass 2.5 lbs. Standard price per lb. of brass $1.80 Actual price per lb. of brass $1.95 Actuallbs, of brass used during the week 13,000 lbs. Number of faucets produced during the week 5.000 Actual wage per hr $16.75 Actual hrs, for the week (70 employees x 38 hours) 2,660 Required: cost per unit to two decimal places. a. Determine the standard cost per unit for direct materials and direct labor. Round Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance direct materials quantity variance, and total direct materials cost variance Enter favore an unfavorable variance as a positive number Number of faucets produced during the week Actual wage per hr Actual hirs. for the week (70 employees x 3 hours) 5.000 $18.75 Required: a. Determine the standard cost per unit for direct materials and direct labor. Hound the cost per unit to two decimal places Direct materials standard cont per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative an unfavorable variance as a positive number Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance Favorable 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 Direct Labor Rate Variance Favorable Direct Labor Time Variance Favorable Favorable Total Direct Labor Cost Variance