Problem 10-35 Direct-Material and Direct-Labor Variances (LO 10-1, 10-3) 4 During May, Joliet Fabrics Corporation manufactured 700 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May. 0.85 points Direct material purchased : 20,000 yards at $1.58 per yard Direct material used: 11,500 yards at $1.58 per yard Direct labor: 4,100 hours at $9.35 per hour $ 31,600 18,170 38,335 eBook References The standard prime costs for one unit of Stylex are as follows: Direct material: 20 yards at $1.55 per yard Direct labor: 5 hours at $9.00 per hour Total standard prime cost per unit of output $31.00 45.00 $76.00 Required: Compute the following variances for the month of May. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). 1. Direct- material price variance 2. Direct-material quantity variance 3. Direct-material purchase price variance 4. Direct-labor rate variance 5. Direct-labor efficiency variance