The following information describes production activities of the Midtown Corporation: Raw materials used Factory payroll 16,000 Pounds at $4.05 per Pound 5,545 hours for a total of $72,085 30,000 units were completed during the year. Budgeted standards for each unit produced: 1/2 Pound of raw material at $4.15 per Pound 10 minutes of direct labor at $12.50 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. Please submit your file attachment response in one of the approved file formats: Word file (.doc or .docx), Excel file (.xls or .xlsx), or PDF. To submit photo or Image files please paste them into Word or PDF. Consult with your instructor as needed on their preferred file attachment format