During June, Danby Company's material purchases amounted to 7,000 pounds at a price of $7.50 per pound. Actual costs incurred in the production of 1,500 units were as follows: The standards for one unit of Danby Company's product are as follows: equired: ompute the direct-material price and quantity variances, the direct-material purchase price variance, and the directbor rate and efficiency variances. ote: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter " 0 " for o effect (i.e., zero variance)