Question 3 Genent Industries, Inc. (GII), developed standard costs for direct material and direct labor. In 2020, GII estimated the following standard costs for one of their major products, the 30-gallon heavy-duty plastic container. Direct materials Direct labor Budgeted quantity 0.30 pounds 0.60 hours Budgeted price $50 per pound $12 per hour During July, GII produced and sold 4,000 containers using 1,350 pounds of direct materials at an average cost per pound of $48 and 2,450 direct manufacturing labor hours at an average wage of $12.25 per hour. I. What is the direct material efficiency variance during July? II. What is the direct material price variance during July? III. What is the direct manufacturing labour price variance during July? (2 marks) (2 marks) IV. What is the direct manufacturing labour rate variance during July? V. What are possible reasons for the material variances? (2 marks) (2 marks) (2 marks)