Question 20 In 2020, ABC estimated the following standard costs for one of their products. Budgeted quantity Budgeted price Direct materials Direct labor 1 pound $7.00 per pound 0.20 hours $13.00 per hour 8 pts In January, the company purchased 1.600 pounds of materials at total purchase costs of $12,000. ABC used 1,400 pounds of materials and 160 direct labor hours at total labor cost of $2,160 to produce 1,000 units of product. 1) Direct material price variance during January is $ 2) Direct material efficiency variance during January is $ 3) Total flexible budget variance of direct materials is $ (enter "U" or "F") favorable (F) or unfavorable (U)? 4) Direct labor price variance during January is $ 5) Direct labor efficiency variance during January is $ 6) Total flexible budget variance of direct labor is $ (enter "U" or "F") ; favorable (F) or unfavorable (U)?