Problem 3: Variance Analysis (NEW Problem INFORMATION!!) -8 Our company had the following data regarding direct materials and direct labor usage this year: 59 20 Direct Materials Purchased 119780 feet at a cost of $22 per foot 91 Direct Materials Used 119000 feet 92 Direct Labor Used 88700 hours at a rate of $19 per hour 193 Actual units produced 29700 units 194 195 The standards set by our company include the following: 196 Direct materials 4 feet at a cost of $23 per foot 197 Direct labor 3 hours used per unit at a cost of $16 per hour 198 Overhead 80% of direct labor cost 199 200 Calculate the direct material and direct labor variances and then comment on the results. 201 SHOW AND CLEARLY LABEL ALL WORK 202 Direct Material Price Variance: 203 204 205 206 207 208 209 210 Direct Material Usage Variance: 211 212 213 214 215 216 217 218 Direct Labor Price and Efficiency Variances: 219 220 221 222 223 224 2.25 Comment on the company's performance with direct materials and direct labor. 226 227 228