During May, Joliet Fabrics Corporation manufactured 500 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May. Dire Labe Direct material purchased: 18,000 yards at $1.38 per yard Direct material used: 9,500 yards at $1.38 per yard. Direct labor: 2,100 hours at $9.15 per hour The standard prime costs for one unit of Stylex are as follows: Direct material: 20 yards at $1.35 per yard. Direct labor: 4 hours at $9.00 per hour (LO $24,840 13,110 3. D 19,215 pric $27 36 $63 Total standard prime cost per unit of output Required: Compute the following variances for the month of May, indicating whether each vari- ance is favorable or unfavorable. 1. Direct-material price variance. 2. Direct-material quantity variance.