Paul Company uses standard cost variance analysis, including direct materials and direct labor. Standard (or estimated costs) for Product N was as follows: Paul Company, Standard Cost, Product N Direct Materials 4.0 pounds at $3.00 per pound = $12.00 Direct Labor 0.6 hours at $15.00 per hour = 9.00 Actual good units produced were 600 during April. Actual information for April: Direct materials cost $7,000; direct labor rate $15.30; actual direct labor hours 350; actual pounds of material both purchased and used 2500. [a] For direct materials, determine materials cost variance, materials efficiency variance and total materials variance. For EACH variance, indicate both the amount of variance AND whether variance was favorable or unfavorable. Analyze why the variance was favorable or unfavorable. Give two detailed reasons for your answers. no [b] For direct labor, determine labor cost variance, labor efficiency variance and total labor variance. Again, for EACH variance, indicate both the amount of the variance AND whether variance was favorable or unfavorable. Analyze why the variance was favorable or unfavorable. Give two detailed reasons for your answers