The company you work for makes one product, for which it has established the following standards for materials: Average quantity of material per unit of product: 5.5 pounds Price per pound of materials: $13.5 During March, your company made 9,500 units of the product, using 60,000 pounds at a total purchase price of $840,000. Required: 1. Define materials price variance and discuss what it measures. 2. Calculate the materials price variance and indicate whether it is favorable or unfavorable. 3. Define materials usage variance and discuss what it measures. 4. Calculate the materials usage variance and indicate whether it is favorable or unfavorable. YOU MUST SHOW YOUR WORK TO EARN CREDIT