Question Two (35 Points) Manchester Company manufactures a single product. During June, the Company's material purchases amounted to 2,200 pounds at a price of $10.5 per pound. Actual costs incurred in the actual output production of 1000 units were as follows: Direct labor: $32,550 ($12.00 per hour) Direct material: $18,900 ($10.5 per pound) The standards for one unit of product are as follows: Direct labor: Quantity, 3 hours per unit Rate, $10 per hour Required: Direct material: Quantity, 2 pounds per unit Price, $10 per pound 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.