Parrott Corporation produced 4,000 units of their product in the current period. All work must be shown - Total 24 points Each unit is budgeted (Standard Cost) as follows: Direct materials, 5 yards at $ 3.50 per yard Direct labor, 7 hours at $ 8.00 per hour Factory overhead, $ 27 per unit produced. Actual costs for the current periods production for 4,000 units are as follows: Direct materials, 21,500 yards at $ 3.30 per yard Direct labor, 27,900 hours at $8.10 per hour Factory overhead, $ 107,500 Directions: Calculate each of the following variances and indicate if favorable or unfavorable. All work must be shown - Total 24 points Direct materials variance overall Direct materials quantity variance Direct materials price variance Direct labor variance overall Direct labor time variance Direct labor rate variance Factory overhead variance Total variance overall