The next tables summarize the operating results of SU. SU company uses standard costing: Budgeted Actual Sales (15,000 units) $450,000 $450,000 Variable COGS 180,000 200,000 Variable SG&A 20,000 20,000 $250,000 $230,000 Fixed OH 140,000 140,000 Fixed SG&A 84.000 84,000 NOI $26,000 $6,000 Standard quantity or Hours Standard price or rate standard cost (per Unit) Direct material 3 KG/Unit $ 2 per KG $6 Direct labor 1 labor hour/Unit $ 3 per 1 labor hour $3 Variable OH 0.5 Machine hour/Unit $ 2 per 1 machine hour $1 Fixed OH 0.5 Machine hour/Unit $ 20 per 1 machine $10 hour Total $20 SU produces and sells 15,000 units of product in this year. The actual cost information is as follows. . Purchased 60,000 KGs of materials at a cost of $1.95 per KG Used 49,200 KGs of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored) . Worked 14,000 direct labor hours at a cost of $4.00 per hour. Incurred variable manufacturing overhead cost totaling $18,000 for the year. A total of 7,000 machine hours was recorded. Incurred fixed manufacturing overhead cost totaling $140,000 for the year. Budgeted machine hours are 7,400 hours. a) Compute direct materials price and quantity variances. (4 points)