Question 5 (6 points) Younger Company has the following materials and labour standards established for a particular product: Standard quantity per unit of output Standard price Standard labour hours per unit of output Standard labour rate 8.3 grams $19.15 per gram 2.0 hours $15.00 per hour The following data pertain to operations concerning the product for July: Actual output Actual materials purchased (7,500 g x $18.85/g) 700 units $141,375 Actual materials used in production 6,100 grams $24,800 Actual hours worked (1,550 hrs x $16.00/hr) Required: Prepare the material variances. Show calculations and label variances (name of variance and favourable or unfavourable). (6 Marks)