Puestion: Jamal has been running an electronics manufacturing business for a long time. The company uses Direct Labor Hours as a cost driver for applying overheads to different products. For the following INDEPENDEDNT situations, identify whichvariances would likely occur and would they be favorable (write 'F'), unfavorable (write 'U') or there would be no effect on that variance (write 'NE'). Assume that in every situation, everything else remains constant. Direct Materials PriceVariance-For UF or NE Direct Materials Quantity Variance-For UF or NE Labor Rate Variance-F or UF or NE Labor Efficiency Variance-For UF or NE Variable Overhead Rate Variance-For UF or NE Variable Overhead Efficiency Variance-For UF or NE 1. Cheap, low cost material is purchased resulting in workers having tore-work on several televisions, and wastage of materials and machine time. 2. Surprisingly, government reduced electricity prices. 3. The maintenance manager, in a bid to save on costs, reduced maintenance of machinery. The machines broke down more often than anticipated, resulting in loss of productive time for labor 4. Unskilled, low cost laborwas employed. They were a bit lazy too! 5. The government increased tax on import of critical components used in production 6. Transportation company increased charges for delivering raw materials to the company. 7. The company hired a LUMS MBA who could not schedule production runs properly, resulting in loss of time andwastage of materials. 8. The company produced less than anticipated. 9. The standards company uses for variance analysis have not been adjusted for inflation for a few years. 10. Unfortunately, the company hired inefficient SDSB graduatesin its accounting and finance department