The following standard costs were developed for Product A at Larry Corporation. Budgeted production for the year is 10,000 units, and overhead is applied on the basis of direct labor hours. The master budget is as follows: Direct materials (40,000 feet x $14.00 per foot) $560,000 Direct labor (DL) (60,000 DL hours x $10.00 per hour) $600,000 Variable overhead (60,000 DL hours $8.00 per hour) $480,000 Fixed overhead $720,000 Total budgeted cost $2,360,000 The following actual information is available for the production of Product A for the period: Units produced: 9,500 Materials purchased: 39,500 feet @ $13.80 per foot Materials used: 39,500 feet Direct labor: 56,000 hours, costing $560,000 Variable overhead incurred: $470,000 Fixed overhead incurred: $720,000 Required: 1. Calculate the dollar amount and label the following variances as "favorable" or "unfavorable": a. Direct materials price variance (4 points) b. Direct materials efficiency variance (4 points) c. Direct labor efficiency variance (4 points)