Each unit of job Y703 has standard requirements of 8 pounds of raw material ata price of $95 per pound and 1.40 hours of direct labor at $8.40 per hour, To produce 7,000 units of this product, job Y703 actually required 55,000 pounds of the raw material costing $90 per pound. The job used a total of 5,000 direct labor hours costing a total of S42,000. Requirements (a) Determine the material price variance for job Y703. (b) Determine the material quantity variance for job Y703. (c) Assume that the materials used on this job were purchased from a new supplier. Would you recommend continuing with this new supplier? Why or why not? (d) Determine the direct labor rate variance for job Y703. (e) Determine the direct labor efficiency variance for job Y703. (Click the icon for information regarding the formula selections.) the relationship with this new supplier be maintained because it appears the supplier is providing materials of quality for a price that is v expected. The company Requirement (d) Determine the direct labor rate variance for job Y703. Determine the formula, then compute the direct labor rate variance. (Label the variance as favorable (F) or unfavorable (U If no variance exists enter a "0" and leave the label blank Labor rate variance Requirement (e) Determine the direct labor efficiency variance for job Y703 Determine the formula, then compute the direct efficiency variance Label the variance as favorable (F) or unfavorable (U). If no variance exists enter a "0" and leave the label blank Labor efficiency variance Choose from any list or enter any number in the input fields and then continue to the n U