The Homer Restaurant Group mandactures the bags of frozen French fres used at its franchised restauracis. Last week, Homer's purchased and used too. ooo poutuds of potatoes at a price of $0.65 per pound. During the week, 2,400 direct labor hours were incurred in the plant at a rate of 512 , 10 per heur. The standard price per pound of potatoes is 50.85. and the standard direct labor rate is $11.80 per hour. Standarde inticate that for the number of bags of frozen tries produced, the tactory shiculd have used 98,000 pounde of potaloes and 2.200 hours of direct labor. Read the teguiremects. Requirements Requirement 1. Determine the drect m. finmbers. Enter curruncy amounts to the 1. Detemine the direct material price and quantity variances. He suru to labol Abbrevialons used: DMa = Direct maleric each variance as favorable or unfavorable. 2. Think of a plassible explanaton for the variances found in Requirement 1 . Begin by determining the formula for the 3. Detartine the direct labor rate and efficiency varlances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor varlances be tied to the material variances? Explain