Otter, Inc. produces cell phone covers for sale directly to consumers as well as to cell phone manufacturers such as Apple and Samsung. During one week Otter purchased 5,000 pounds of a raw material used in the production of the covers at a total cost of $11,000. In that same week Otter used 4,800 pounds of the raw material input in producing 50 cases of cell phone covers. The price and quantity standards set by Otter, per case of cell phone covers, are $2.00 (Price) and 100 pounds (Quantity) Answer the following True/False questions based on the data above: DI Question 1 1 pts The Materials PRICE variance is $1,000 Favorable. O True False 1 pts Question 2 The Materials QUANTITY variance is $0.00. O True False 1 pts D Question 3 The Materials PRICE variance is $1,000 Unfavorable O True False 1 pts Question 4 The Materials QUANTITY Variance is $400 Favorable. True False DQuestion 5 1 pts The Materials PRICE Variance is $0.00 O True O False