Mackie Corp has developed the following standards with respect to the materials used based on a budget to produce 1,500 left- handed widgets in May 1.5 pounds of material per widget $4.00 cost per pound According to the actual May production report, 1,200 left-handed widgets were produced. The production of these 1,200 widgets required 1,700 pounds of material at a cost of $6,630. Show all of your work in determining the following: 1. What was Mackie's material price variance (provide the $ amount as well as whether the variance was favorable (F) or unfavorable (U)? 2. What was Mackie's material quantity variance (provide $ as well as whether the variance was favorable (F) or unfavorable (U)? 3. Prepare the journal entry to record the direct material activity for the month of May