Question 3 The following information comes from the records of Danny Co. for the current period. a. Compute the direct materials price and quantity variances, direct labor rate and efficiency variances and state whether the variance is favorable or unfavorable. Actual costs and quantities: Direct materials used ..................... 37,000 feet @ $6.20 per foot 50,660 hours Direct labor hours used... ..... Direct labor rate per hour ........... 25,000 units were produced during the period. $16.50 Standard costs and quantities per unit: Direct materials.. 1.5 ft. 2 hours $6.10 per ft $17 per hour Direct labor... Dollar amount answers do not need sor, in the answer (for example 4000 as opposed to $4,000) 1. Direct materials price variance dollar amount 2. Favorable or Unfavorable 3. Direct materials quantity variance dollar amount 4. Favorable or Unfavorable 5. Direct labor rate variance dollar amount 6. Favorable or Unfavorable : ANSWER For U 7. Direct labor efficiency variance dollar amount 8. Favorable or Unfavorable : ANSWER For U