Direct Materials & Direct Labor Variances New Company produces Peaceful Widgets that are designed to increase relaxation. The company has established the below standard costs: Standard Quantity Standard Price/Rate Direct Materials 23.5 pounds $5 per pound Direct Labor 1.95 hours $20 per hour During March, New Company used 1,150,000 pounds of direct materials to produce 50,000 Peaceful Widgets. The total price paid for materials was $7,868,421.05, 95% of which were for direct materials. The total wages for March were $2,406,250, 80% of which were for direct labor. The actual direct labor hours for the month were 100,000. Required: Important to avoid rounding errors round your answers to 2 decimal points. For example: 10.456789 should be rounded to 10.46 (Points will be deducted for not following directions). Directions: To receive credit for this assignment, students must include the formulas and calculations required to answer the questions. 1. Calculate the Total Standard cost per unit for the Peaceful Widgets (show all calculations). The calculation for the total standard cost is included on the Canvas Demonstration Video. [2 Points] 2. Calculate the Total Direct Materials Variance [5 Points] a. Include the formula and calculations for the Direct Materials Price Variance. b. Include the formula and calculations Direct Materials Quantity Variance. 3. Calculate the Total Direct Labor Variance [5 Points] a. Include the formula and calculations for the Direct Labor Rate Variance. b. Include the formula and calculations for the Direct Labor Efficiency Variance.