The accountants for ABC, Inc. have developed the following information regarding the standard cost and actual cost of a product manufactured in March: Direct materials: Standard: 84,000 oz @ $0.20 per ounce Actual: 91,000 oz @ $0.22 per ounce Direct labor: Standard: 4,200 hours @ $12 per hour Actual: 3,500 hours @ $13 per hour Compute the following cost variances for ABC, Inc. Indicate whether each variance is favorable (F) or unfavorable (U). 1. Materials price variance: $__________ 2. Materials quantity variance: $__________ 3. Total materials variance $_______________ 4 Labor rate variance: $__________ 5 Labor efficiency variance: $__________