Quinton Company has set the following standards for one unit of product: Direct material Quantity: 7.40 pounds per unit Price per pound: $10.20 per pound Direct labor Quantity: 700 hours per unit Rate per hour: $25.50 per hour Actual costs incurred in the production of 2,800 units were as follows Direct material: $216,770($10.60 per pound) Direct labor: $504,500 ($25.00 per hour) All materials purchased were consumed during the period. Required Compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) 1. Direct-material price variance 2. Direct-material quantity variance 3. Direct-labor rate variance 4.Direct-labor efficiency variance