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Exam 4 Name Acct 202 1. (20pts) The Buckley Company has established the following standards for its product. Direct material 8.5 lbs@ $3.6 per lb. Direct Labor .25 hour@ $16.00 per hour During November, Buckley purchase and used 174,000 lbs. of direct material at a price of $3.80 per lb. to make 20,000 units of finished product. It also used 4,800 hour of direct labor at a rate of $18.00 per hour to make the 20,000 units of finished goods. Required: A. The direct material price variance and state whether favorable or unfavorable. B. The direct material use variance and state whether favorable or unfavorable