Last year, Lexcorp company budgeted for production and sale of 5020 guidos. Actual production and sales was 6400 guidos for $624 each. Each item was budgeted to use 5 direct labor hour(s) and 6 chunk(s) of material. Lexcorp expected to pay $4.00 per chunk and $16.00 per hour. Lexcorp did not have any beginning raw materials inventory. They purchased 46080 chunks for a total of $165888. Actual production required the following: 45620 chunks of material Direct labor costs of $491520 (the actual labor rate was $12.80 per hour) ***************************** Compute and label each of the following variances. Only a couple of questions require answers here, but do them all if you have time. Note: When amount of materials purchased is different than amount of materials used, -Compute the price variance with AQ = amount purchased. -Compute the usage variance with AQ = amount used. This approach records the price variance as early as possible. (The price and usage variance will no longer add up to the total flexible budget variance.) Materials price variance = Materials usage variance = Labor rate variance (on paper) Labor efficiency variance (on paper)