Rounding Entry Rules: Round your numerical answers to the nearest DOLLAR. Do not enter $ or, when entering amounts. If asked to enter a word or letter, be sure you check the spelling. Question: Hallaway produces gears for the Tree Motorcycle Company. At the beginning of the year, they had the following standard costs for one batch of gears: $ 35.00 Direct materials (10 kg @ $3.50 per kg) The actual results for the year are: $ Batches produced 70,000 Direct materials purchased and used in kilograms 650,000 Direct materials cost per kilogram 3.40 Required: Calculate the material variances and use your solution to answer the following questions NOTE: Please enter all variances as positive numbers. The amount of the direct material price variance is $ A Indicate if the direct material price variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A The amount of the direct material usage variance, also called the direct material efficiency variance, is $ A/ Indicate if the direct material usage variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A/ The total material variance, also called the direct material flexible budget variance, is $ AJ Indicate if the total material variance is favourable (enter the letter F) or unfavourable (enter the letters UF). AM