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Given the following data: Direct Direct Material Labor a Standard Standard price per unit of input $10 per foot $10 per hour Standard inputs allowed per unit of output 5 feet 3 hours Actual: Actual price per unit of input $12 per foot $9 per hour Actual units of input 2,300 feet 1,350 hours Actual units produced was 500 units Required: Calculate the following variances and indicate whether they are favourable or unfavourable: III. Total material variance [2 marks] IV. Labour rate V. Efficiency variances [2.5 marks] [3 marks]