Question 1 (10 Marks] Farhan Ullah Aziz 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 which variances 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 Price Variance - F or UF or NE Direct Materials Quantity Variance - For UF or NE Labor Rate Variance - For 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