Question 3: (40 polnts: 10 each) During June, Junk 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 Junk 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, $90 per unit Required: Showing your calculations, Compute the following variances and indicate whether each variance is favorable or unfavorable: Requirements & Calculations Final Answer 1. Direct-material price variance. 2. Direct-material quantity variance. 3. Direct-labor rate variance 4 Direct-labor efficiency variance