Please provide detail supporting the answers to these requirements I am also looking for the formulas to better understand

The Donovan Restaurant Group manufactures the bags of frozen French Dies used a s franchised restaurants Last week Donovan's purchased and used 104000 pounds of potatoes at a price of 505 pound. During the week, 2.000 direct labor hours were incurred in the plantat a rate of $1210 per hour The standard price per pound of potatoes is $105, and the standard due laborates $115 per hour Standards indicate that for the number of bags of frozen tres produced, the factory should have used 102.000 pounds of potatoes and 1.700 hours of direct labor Read the .cs Requirement 1. Determine the direct material price and quantity variances Be sure to Label each variance as favorable or unfavorable. Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole doar Label the variancesas favorable F) or unfavorable (U) Abbreviations used: DM-Direct males ) Begin by determining the formula for the price variance, then compute the price variance for direct materials DM price variance UULUULUULUT UU Nours of dire 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. Print | Done