Question Completion Status: QUESTION 20 Optional Problem #2: You must complete either Optional Problem #1 or Optional Problem #2 Derickson Inc. has provided the following standards for one of its products: Standard Quantity/Hours Standard Price/Rate Direct Material 4.5 pounds $12.00 per pound Direct Labor 1.2 direct labor hours $20.00 per direct labor hour Variable Overhead 1.5 machine hours $8.00 per machine hour The following information was compiled during the month of March: -5,000 units were produced -26,000 pounds of direct materials were purchased for $325,000 -24,000 pounds of direct materials were used in production -5,800 direct labor hours were recorded at a cost of $127,600 -7,200 machine hours were recorded at a cost of $59,400 Required: Compute the price and quantity variances for materials, labor, and overhead. Be sure to properly label each variance (e.g. MPV, MQV, LRV, etc...) as well as the direction of the variance (Favorable or Unfavorable). T TT Arial 3 (12pt) IE