During June, Fraser Company's material purchases amounted to 6,500 pounds at a price of $7.5 per pound. Actual costs incurred in the production of 3,000 units were as follows: Direct labor: $116,935 ($17.5 per hour) Direct material: $32,340 ($7.5 per pound) The standards for one unit of Fraser Company's product are as follows: Direct labor: Direct material: Direct labor: Direct material: Quantity, 2.5 hours per unit Quantity, 2.1 pounds per unit Rate, $18.2 per hour Price, $7.35 per pound Required: Compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable