Molly Company's standard and actual costs per unit for the most recent period, during which 500 units were actually produced, are given below: Standard Actual $3.00 $3.04 Materials: Standard: 2 feet * $1.50 per foot Actual: 1.9 feet x $1.60 per foot Direct labor: Standard: 1.5 hours * $6.00 per hour Actual: 1.7 hours x $6.30 per hour Variable manufacturing overhead: Standard: 1.5 hours * $3.40 per hour Actual: 1.7 hours * $3.00 per hour Total unit cost 9.00 10.71 5.10 5.10 $18.85 $17.10 All of the materials purchased during the period were used in production during the period. Required: 1. 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