Lido Companys standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below: Standard Actual Materials: Standard: 2 feet $1.50 per foot $3.00 Actual: 1.9 feet $1.60 per foot $3.04 Direct labor: Standard: 1.5 hours $6.00 per hour 9.00 Actual: 1.7 hours $6.30 per hour 10.71 Variable manufacturing overhead: Standard: 1.5 hours $3.40 per hour 5.10 Actual: 1.7 hours $3.00 per hour _____ 5.10 Total unit cost $17.10 $18.85 All of the materials purchased during the period were used in production during the period. Required: From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U): a. Material price variance. b. Material quantity variance. c. Labor rate variance. d. Labor efficiency variance. e. Variable overhead rate variance. f. Variable overhead efficiency variance.

Please explain why it is favorable or unfavorable