The following direct materials variance computations are incomplete. Fill in the missing values, and identify the total direct materials variance as favorable or unfavorable. Direct materials price variance ($? $12.50) x 7,000 pounds $3,500 U Direct materials quantity variance-6,700 pounds) x$12.50?U Total direct materials variance $? What could be some possible Explanation for the Total Direct Material Variance? Part 2 Following the Format of Part 1, come up with your own problem for the Labor Variances (Labor Rate Variance, Labor Efficiency Variance and Total Labor Variance). Challenge the class to solve the problem and then demonstrate it