the Jone Restaurant Group manufactures the bags of frozen French fries used its sed restaurants Last week, Jone's purchased and used 90.000 pounds of potatoes at a price of SO B0 per pound During the ok, 1.900 direct labor hours were incurred in the plant at a rate of $12.10 per hour. The standard price per pound of potatoes is $0.50 and the standard direct laborate is $11.00 per hour. Standards indicate that for number of bags of frozen fries produced, the factory should have used 92.000 pounds of potatoed 1,700 hours of rect labor Bad the requirements quirement 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorat and your answers to the host Whole dollar Label the variances as favorable for favorable Abbreviations used OM e the variances as posive numbers Enter currency amounts to the nearest Drect materiais.) gin by determining the formula for the price variance, then compute the price variance for direct materials DM price variance 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. 2. Think of a plausible explanation for the variances found in Requirement 1 3. Determine the direct labor rate and efficiency variances. Be sure to label each variance as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain. Requirement 1. Determine the direct material price and quantity cent and your answers to the nearest whole dollar. Label the vari Begin by determining the formula for the price variance, then cor Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price Ch Standard quantity allowed y number in the input fields a rect material price and quantity variances. Be sure to label eac rest whole dollar. Label the variances as favorable (F) or unfaw for the price variance, then compute the price variance for dire x( X Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price y ni Standard quantity allowed hen click Check