Exercise 10-27 Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) During June, Danby Company's material purchases amounted to 9,240 pounds at a price of $5.70 per pound. Actual costs incurred in the production of 2,200 units were as follows: Direct labor: Direct material: $141,625 ($12.50 per hour) $ 38,931 ($5.70 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 5 hours per unit Rate, $12.00 per hour Required: Fill in the amounts in the tables below. Direct Material: Quantity, 3 pounds per unit Price, $5.30 per pound Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity x Actual Price Actual Quantity x Standard Price Standard Quantity x Standard Price x x pounds used per pound pounds used per pound pounds allowed per pound Direct-material price variance Direct-material quantity variance Direct-material variance < Required 1 Required 2 >