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Custom Cotton Inc., makes custom tailored dress shirts for businessmen. The materials used to produce the shirts are inexpensive, but as they are custom 1t, the labor process is intensive. The supervisor decided to use cheaper labor this period to see whether costs could be reduced. The following are CCI's standards Direct Materials Direct Labor Standard Quantity/Unit 3 pounds 48 hours Standard Price $3.3/pound $14 8 hour During the period the firm actually produced 7,677 units. The firm also had the following actual results Direct Materials Cost $3.9/pound Direct Materials Purchased 26,570 pounds Direct Materials Used 27,060 pounds Direct Labor Used 42.595 hours Labor Rate Variance $12,202 FAVORABLE ROUND ALL CALCULATIONS TO THE NEAREST HUNDREDTH (two decimal places) 1. Calculate the materials price variance (hint Isolate at time of purchase). Enter the ABSOLUTE VALUE of the variance. Then, select the direction of the variance by choosing either Favorable or Unfavorable Materials Price Variance Favorable Unfavorable O 2. Calculate the Materials Efficiency Variance Enter the ABSOLUTE VALUE of the variance. Then select the direction of the variance by choosing either Favorable or Unfavorable Materials Emiciency Variance O Favorable Unfavorable 3. Calculate the actual price paid per hour for direct labor Actual Price of Direct Labor nour 4. Calculate the Direct Labor Efficiency Variance Enter the ABSOLUTE VALUE of the variance. Then, select the direction of the variance by choosing either Favorable or Unfavorable Direct Labor Efficiency Variance O O Favorable Unfavorable 5. Was the manager's plan to decrease costs by finding cheaper labor a good one? Why why not? OA. No, the total labor variance was unfavorable Blick to select answeds)