The Acorn Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Acom's purchased and used 97,000 pounds pound of potatoes is $0.95, and the standard direct labor rate is $12.35 per hour. Standards indicate that for the number of bags of frozen fries produced, the factory should have used 95,000 pounds of potatoes and 2,300 hours of direct labor Read the requirements Requirement 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances as 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 Actual quantity purchased Standard price Actual price ) = DM price variance 1) = Choose from any list or enter any number in the input helds and then click Check Answer 0 Requirements 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 Requirement 1. 3. Determine the direct labor rate and efficiency variances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain. Print Done