During June, Danby Company's material purchases amounted to 8,000 pounds at a price of $7.50 per pound. Actual costs incurred in the production of 2,100 units were as follows: Direct labor: Direct material: $ 135,525 ($19.50 per hour) $ 33,000 ($7.50 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $19.40 per hour Direct Material: Quantity, 2 pounds per unit Price, $7.20 per pound EX 10-26 (Algo) Straightforward Calculation of Variances (LO 10-1, 10-3) Required: Compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).