James, Inc. is a manufacturer of wooden cutlery. James has the following information related to its operations. James produced 1,000,000 units of finished goods inventory during the month. During this time, James planned on paying $16 per hour to labor and $5 per unit for materials. James found that its actual costs were $15 per hour for labor and $5.10 per unit of materials. James planned to use 0.1 labor hours per finished goods unit, but actually used 0.12 labor hours per unit. James planned to use 1.5 units of materials per unit, but actually used 1.55. James uses FIFO for tracking inventory costs. REQUIRED: 1) Prepare Direct Labor Price Variance, Quantity Variance, and Total Variance. Interpret these results to receive credit. 2) Prepare the Direct Materials Price Variance, Quantity Variance and Total Variance. Interpret these results to receive credit