Requirement 1. Prepare schedules of all variances. Requirement 1. Prepare schedules of all variances. Begin by completing the analysis below to show the direct material variances. Label each variance as favorable (F) or unfavorable (U). Data table - Materials purchased and used, 18,600 pounds - Direct-labor costs incurred, 4,200 hours, $49,560 - Variable-overhead costs incurred, $5,754 - Finished units produced, 2,000 - Actual materials cost, $8.97 per pound - Standard variable-overhead rate, \$1.30 per direct-labor hour - Standard direct-labor cost, $12 per hour - Standard materials cost, $9 per pound - Standard pounds of material in a finished unit, 9 - Standard direct-labor hours per finished unit, 2