The Morgan Restaurant Group manutactures the bags of trozen French fries used ot its franchised restaurants, Last week, Mocgan's purchased and used 104, 000 pounds of potatoe at a price of 50.70 per pound. During the weok, 2,100 drect labor hours were incurted in the plant at a fate of $12.90 per hour. The standard price per pound of potatoes is $0.85, and the standard direct labor rate is $11.80 per hour. Standards indicate that for the number of bags of frozen fries produced, the factary should have used 100,000 pounds of potatoes and 1,900 hours of direct labor Read the feouirements Requirement 1. Determine the direct material peice and quamity variances. Be sure to label each variance as tavorable or untavorable. (Entor the varionces as potitive numbers Enter cunency amcunts to the nearest cont and your answers to the nearest whole dollar Label the variances as favorable.(F) or unfavorable (U). Abbreviacions ised: DM = Direct maleriale) Requirements 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