PROBLEM 2: (8 points total) The data below relate to a product of Bellingham Company. Standard costs: Materials, 2 pounds at $6 per pound $12 per unit Labor, 3 hours at $15 per hour $45 per unit Actual results were: Production 3,600 Units Material purchased & used, 7,300 $42,340 pounds Labor, 10,360 hours $160,580 Required: (Be sure to indicate whether the variances are favorable or unfavorable.) a. Compute the direct material price variance. b. Compute the direct material efficiency variance. c. Compute the direct labor rate variance. d. Compute the direct labor efficiency variance