The following information describes a company's usage of direct materials for a recently completed production period. Compute the direct materials price, quantity, and total cost variances, labeling each as either favorable or unfavorable Direct materials standard quantity per unit of finished product 4 lbs Direct materials standard cost per lb $2.00 $1.78 Actual cost per lb of material used Actual direct materials used 300,000 lbs Actual finished units produced 60,000 units The following information describes a company's usage of direct labor for a recently completed production period. Compute the direct labor rate, time, and total cost variances, labeling each as either favorable or unfavorable. Direct labor standard time per unit of finished product Direct labor standard rate per hour 1.5 hours $14 $15 Actual direct labor wage rate per hour Actual direct labor hours used 56,400 hours Actual finished units produced 41,000 units