The following information is available for Olsen Company: Click the icon to view the information.) Requirements Determine the material price variance based on the quantity of materials purchased. (a) (b) Determine the material quantity variance. (c) Determine the direct labor rate variance. (d) Determine the direct labor efficiency variance. (Click the icon for information regarding the formula selections.) Requirement (a) Determine the material price variance based on the quantity of materials purchased. Determine the formula, then compute the direct material price variance. (Label the variance as favorable (F) or unfavorable (U).) )x )x Direct material price variance = > (Click the icon to view the information.) Reference panty AH Actual number of direct labor hours AP Actual price per unit of materials AQ Actual quantity of materials used AR Actual wage rate PQ Purchased Quantity SH Number of direct labor hours allowed given the level of output achieved SP Estimated or standard price per unit of materials SQ Standard quantity of materials allowed for the production level achieved SR Standard wage rate Print Done Data table ACTUAL Materials: 12,000 pounds purchased at $1.85 per pound; used 3,500 pounds 1,700 hours at $8 per hour Direct labor Units produced: 300 STANDARD Materials: Direct labor 20 pounds per unit at a price of $2.25 per pound 5 hours per unit at a wage rate of $12 per hour Print Done X