The Acom Restaurant Group manufactures the begs of frozen French fries used at its franchised restaurants. Last week. Acom's purchased and used 101.000 pounds of potatoes at a price of 50.85 per pound. During the week. 1.900 direct labor hours were incured in the plant at a rate of $12.00 per hour. The standard price per pound of potatoes is $0.95.and the standard direct laborate is $11.85 per hour. Standards indicate that for the number of bags of frozen fries produced the factory should have used 99.000 pounds of potatoes and 1.700 hours of direct labor Read the recent Requirement 1, Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances es positive numbers, Enter currency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM Direct materials) Begin by determining the formula for the price variance, then compute the price variance for direct materials. Requirements OM price variance 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable 2. Think of a plausible explanation for the variances found in Requirement1 3. Determine the direct laborate and efficiency variances. Be sure to label each varience as favorable or unfavorable 4. Could the explanation for the labor vriences belied to the material variances? Explan Done