The company where Jason works produces skateboards locally but sells them globally for $60 each. Jason is one of the production managers in a meeting to discuss preliminary results from the year just ended. Here is the information they had in front of them: Standard Quantity per Unit Standard Price Wood 2.00 feet $5.00 per foot Wheels 4.00 wheels $0.50 per wheel Direct labor 0.30 hours $15.00 per hour Actual results: Quantity of wood purchased, 158,000 feet; quantity of wood used, 154,000 feet. Quantity of wheels purchased, 298,700 wheels; quantity of wheels used, 280,700 wheels. Actual cost of the wood, $5.20 per foot. Actual cost of the wheels, $0.55 per wheel. Quantity of DL hours used, 22,400 hours; actual cost of DL hours, $16.70 per hour. Actual units produced, 70,000 skateboards. DM-Wood: Actual Price Variance Actual quantity purchased x Actual price $821,600 $31,600 Unfavorable *158,000 feet x $5.20/foot b158,000 feet x $5.00/foot Unnamed Columns Efficiency Flexible Variance Budget Standard Actual quantity purchased Standard price Actual quantity used x Standard price $790,000b $770,000 $70,000 Unfavorable