Question 1 3 pts This information is used for the first four questions where you will calculate materials and labor variances. Excalibur bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $18,000 for 600 hours of work. Standards have been set as follows: Direct Materials: 2 pounds @ $1.10 per pound Direct Labor! .5 hours $32 per hour The materiale price variance is: $420 unfavorable $420 favorable $450 unfavorable $450 favorable $230 favorable