Question Two (35 Points) During June, Box Company manufactures a single product. The Company's material purchases amounted to 7,500 pounds at a price of $8.5 per pound. Actual costs incurred in the actual output production of 2,650 units were as follows: Direct labor: $187,200 ($24.00 per hour) Direct material: $55,250 ($8.5 per pound) The standards for one unit of Box Company's product are as follows: Direct labor: Quantity, 2.5 hours per unit Rate, $23 per hour Direct material: Quantity, 2 pounds per unit Price, $8.9 per pound Required: Compute the following variances and indicate whether each variance is favorable or unfavorable: 1. Direct-material price variance. 2. Direct- material quantity variance. 3. Direct-material purchase price variance. 4. Direct-labor rate variance. 5. Direct-labor efficiency variance