Jingle Bells Inc. has set the following standards for one unit of product: Direct material Quantity: 6.2 pounds per unit Price per pound: $11 per pound Direct labor Quantity: 6 hours per unit Rate per hour: $23 per hour Actual costs incurred in the production of 2,800 units were as follows: Direct material: $194,350 ($11.50 per pound for 16,900 pounds) Direct labor: $393,750 ($22.50 per hour for 17,500 hours) All materials purchased were consumed during the period. Required: 1. Compute the Direct Labor Rate Variance. (5 points) 2. Is the Rate Variances favorable (F) or unfavorable (U)? (3 points) 3. Compute the Direct Labor Efficiency Variance. (5 points) 4. Is the Efficiency Variances favorable (F) or unfavorable (U)? (3 points) 5. Compute the Total Direct Labor Variance. (5 points) 6. Is the Total Direct Labor Variance favorable (F) or unfavorable (U)? (4 points)