Question 1 (40 Marks: 10 each): During June, Health Foods manufactures a single product. The Company's material purchases amounted to 9,000 pounds at a price of $9.60 per pound. Actual costs incurred in the actual output production of 3,300 units were as follows: Direct material: $67,200 ($9.60 per pound) Direct labor: $312,000 ($24.00 per hour) The standards for one unit of Health Foods Company's product are as follows: Direct material: Direct labor: Quantity, 2 pounds per unit Quantity, 4 hours per unit Price $9.10 per pound Rate, $22.50 per hour Required: Showing your calculations, Compute the following variances and indicate whether each variance is favorable or unfavorable: Final Answer Requirements & Calculations 1. Direct-material price variance. 2. Direct-material quantity variance. 3. Direct-labor rate variance. 4. Direct-labor efficiency variance. ACT310: Managerial Accounting