Question 3 (Total 23 marks) GG Co. has the following standard costs for a unit of Product A. Direct labor: 1.2 standard hours at $20.00 per hour Direct material: 1.5 pounds at $4.00 per pound Last month, 3,400 pounds of material were purchased and used to make 2,000 units of Product A. The material costed a total of $13,260. Employees actually worked 2,500 hours at a total labor cost of $52,250. Required: Calculate the following variances, staying whether the variance is favorable (F) or unfavorable (U): i. Direct material price variance. (5 marks) ii. Direct material usage variance. (5 marks) iii. Direct labor price variance. (5 marks) iv. Direct labor usage variance. ( 5 marks) v. Give Two reasons why the usage variance for direct material might be reported