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Question 2 (7 points) The standard cost card for a company's product shows the following amounts for materials: Direct materials: 4.5 kgs per unit at $5.00 per kg During a recent month, the company planned to produce 3,200 units and had the following actual operating results: a. 3,000 units were produced. b. 14,000 kg of material was purchased at a cost of $5.20 per kg. c. 1,000 kg of material was still in inventory at the end of the month (there was no opening inventory) Required: Calculate the direct material price and quantity variances. Show your work and label your variances with the name of the variance and favourable (F) or unfavourable (U). (7 marks)