(b) More Hits Company manufactures aluminum baseball bats that it sells to university athletic departments. It has developed the following per unit standard costs for 2018 for each baseball bat: Manufacturing Direct Materials Direct Labor Overhead Standard Quantity 2 Pounds (Aluminum) 1/2 hour 1/2 hour Standard Price $4.00 $10.00 $6.00 Unit Standard Cost $8.00 $5.00 $3.00 In 2018, the company planned to produce 120,000 baseball bats at a level of 60,000 hours of direct labor. Actual results for 2018 are presented below: 1. Direct materials purchases were 246,000 pounds of aluminum which cost $1,020,900. 2. Direct materials used were 220,000 pounds of aluminum. 3. Direct labor costs were $575,260 for 58,700 direct labor hours actually worked. 4. Total manufacturing overhead was $352,000. Actual production was 114,000 baseball bats. 5. Required: (9 marks) Compute the following variances and explain the assumption(s) that you have made when computing the direct materials variances. 1. Direct materials price. 2. Direct materials efficiency. 3. Direct labor price. 4. Direct labor efficiency