Exercise 10-26 Straightforward Calculation of Variances (LO 10-1, 10-3) During June, Danby Company's material purchases amounted to 6,200 pounds at a price of $7.50 per pound. Actual costs incurred in. the production of 2,100 units were as follows: The standards for one unit of Danby Company's product are as follows: Required: Compute the direct-material price and quantify variances, the direct-material purchase price variance, and the direct-iabor rate and efficiency variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter " 0 " for no effect (i.e., zero variance).)