During June, Fraser Company's material purchases amounted to 6,000 pounds at a price of $5.75 per pound. Actual costs incurred in the production of 1,000 units were as follows: Direct labor: Direct material: $ 67,485 ($16.5 per hour) $ 15,410 ($5.75 per pound) The standards for one unit of Fraser Company's product are as follows: Direct labor: Quantity, 3.0 hours per unit Rate, $16.3 per hour Direct material: Quantity, 2.3 pounds per unit Price, $5.25 per pound Required: Compute the following variances for the month of June. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) 1. Direct-material price variance 2 Direct-material quantity variance 3. Direct-material purchase price variance 4 Direct-labor rate variance 5. Direct-labor efficiency variance