Show your calculations on the next page- Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 24,000 units of product were as follows (Each unit requires 0.5 hours of direct labor at standard.)+ Standard Cost Actual Cost+ Direct Materials10,000 Ibs. a 9,800 lbs. a 161 Direct Labor 12,000 Hrs. a 20 12,200 Hrs. a 19H Factory Overhead: Rates per direct labor hour based on+ 100% capacity of 12,500 labor hours : Variable Cost Fixed Cost S 12.00 per DL Hr $140,000 total variable cost+ S 7.50 per DL Hr $ 93,750 total fixed cost Instructions:+ Calculate the following variances. Show all work:+ (a) Direct Materials Quantity Variance (b) Direct Materials Price Variance