London Company manufactures a single product. During June, the Company's material purchases amounted to 6,600 pounds at a price of $5.60 per pound. Actual costs incurred in the actual output production of 2000 units were as follows: Direct labor: $83,600 ($22.00 per hour) Direct material: $34,720 ($5.60 per pound) The standards for one unit of product are as follows: Direct labor: Direct material: Quantity, 2 hours per unit Rate, $20 per hour Quantity, 3 pounds per unit Price, $5 per pound Required: Compute the following variances and indicate whether each variance is favorable or unfavorable: 1. Direct-material price variance. 2. Direct-material quantity variance. 3. Direct-material purchase price variance. 4. Direct-labor rate variance. 5. Direct-labor efficiency variance