The following information describes actual production activities of the Cheers Corp.: Raw materials used 8,500lbs. at $2.50 per lb. Factory payroll 2,000 hours for a total of $25,000 ( $12.50 per hour) 7,500 units were completed during the year Budgeted standards for each unit produced: 1lb. 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