Earlene's Eyewear Earlene's Eyewear manufactures eyeglass frames. The company uses a standard cost system. Earlene has set the following standards for frame model 19841. Direct Material Direct Labor 4.5 oz. plastic per frame at $3.65 per oz. 8 hours at $28 per hour In April, Earlene's Eyewear purchased 12,000 oz. of plastic at a cost of $48,000. Earlene's made 2,500 frames by using 10,000 oz. of plastic for frame 19841. 1) What is the Material Price Variance? Indicate whether the variance is favorable (F) or unfavorable (U). 2) What is the Material Quantity Variance? Indicate whether the variance is favorable (F) or unfavorable (U)