The following information describes actual production activities of the Cheers Corp.: Raw materials used . 8,250 lbs. at $2.50 per lb. 2,176 hours for a total of Factory payroll $27,200 ($12.50 per hour) 8,000 units were completed during the year Budgeted standards for each unit produced: 1 lb. of raw material at $2.60 per lb. 15 minutes (.25) of direct labor at $12.75 per hour Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable