THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-10 Quiz Company determined the following standards on January 1 Direct materials Direct labor 5 lbs per unit 0.75 DL hrs. per unit 0.75 DL hrs. per unit 0.75 DL hrs per unit $2.00 per lb $18.00 per DL hr $3.00 per DL hr. $4.00 per DL hr Variable overhead Fixed overhead The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows Units produced Direct materials purchased Direct materials used Direct labor Variable overhead Fixed overhead 53,000 units 274.000 lbs. at $2.50 per lb. 270 300 lbs 40,100 DL hrs. at 817 95 per DL h $122.000 $161,700 Note For each variance, the first blank will be the dollar amount of the variance Give your answer using dollar signs and commas but no dech label the variance as either favorable or unfavorable Example $12345 Favorable Determine the direct materials price variance, and Label the variance as either favorable or unfavorable