Name: Date: 05/11/2020 3. Rhodes Corporation manufactures a product with the following standard costs: (85 points) $ 37.00 48.00 Direct materials (20 yards @ $1.85 per yard) Direct labor (4 hours @ $12.00 per hour) Variable factory overhead (4 hours @ $5.40 per hour) Fixed factory overhead (4 hours @ $3.60 per hour) Total standard cost per unit of output 21.60 14.40 $121.00 Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output) my The following information pertains to the month of July: Direct materials purchased (16,000 yards @ $1.82 per yard) $29,120 Direct materials used (9,400 yards) Direct labor (1,880 hours @ $12.20 per hour) 22,936 Actual factory overhead 16,850 Actual production in July: 470 units a. Compute the following variances for the month of July, indicating whether each variance is favorable or unfavorable: (40 points) (1) Materials purchase price variance