! Required information During June, Danby Company's material purchases amounted to 6,500 pounds at a price of $7.80 per pound. Actual costs incurred in the production of 1,500 units were as follows: Direct labor: $ 129,270 ($18.60 per hour) Direct material: $ 36,660 ($7.80 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 4 hours per unit Rate, $18.50 per hour Direct Material: Quantity, 3 pounds per unit Price, $7.50 per pound Required: Compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Direct-material price variance Direct-material quantity variance Direct-material purchase price variance Direct-labor rate variance Direct-labor efficiency variance