Problem$-5$

Quicksilver Company has set the following standards for one unit of product:

Direct material

Quantity: $6\mathrm{.}2$ pounds per unit

Price per pound: $$11$ per pound

Direct labor

Quantity: $6$ hours per unit

Rate per hour: $$23$ per hour

Actual costs incurred in the production of $2,800$ units were as follows:

Direct material: $$194,350($ $$11\mathrm{.}50$ per pound$)$

Direct labor: $$393,750($ $$22\mathrm{.}50$ per hour$)$

All materials purchased were consumed during the period.

Required:

Calculate the direct$-$material price and quantity variances, and the direct$-$labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.