Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price $ 2.10 per lb. $7.30 per hour. $ 1.90 per lb. 950,000 lbs. Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October 15,000 1,095,000 lbs. 10,000 Actual direct labor hours. 980,000 lbs. Actual quantity used in October Direct labor rate variance $5,300 F Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Req 4 Req 5 Compute the standard direct labor rate for October. (Round your answer to 2 decimal places.) Standard Direct Labor Rate $ 7.56 Actual purchase price Actual direct labor rate. Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed. Actual quantity purchased in October Actual direct labor hours. $ 2.10 per lb. $ 7.30 per hour $ 1.90 per lb. 950,000 lbs. 15,000 1,095,000 lbs. 10,000 Actual quantity used in October Direct labor rate variance 980,000 lbs. $5,300 F Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Compute the direct labor efficiency variance for October. (Round your intermediate calculation to 2 decimal places. Indica the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variances Direct Labor Efficiency Variance