Penas the ceavictireis letermine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the var four answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DM = Direct n Requirements 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. 2. Think of a plausible explanation for the variances found in Requirement 1. 3. Determine the direct labor rate and efficiency variances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain. Penas the ceavictireis letermine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the var four answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used: DM = Direct n Requirements 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. 2. Think of a plausible explanation for the variances found in Requirement 1. 3. Determine the direct labor rate and efficiency variances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain