Standard Actual ---1.75 pounds of material per product ---225,000 products produced ---$0.75 per pound of material ---395,000 pounds of material for $284,400 ---$10.80 per labor hour ---392,100 pounds of material were used --- 1.65 hours of labor per product ---364,800 labor hours costing $4,020,096 a) Compute the standard Materials Cost per Unit of Product b) Compute the standard Labor Cost per Unit of Product c) Compute the Materials Price (Cost) Variance Is the variance Favorable or Unfavorable? (circle one and give one viable explanation). d) Compute the Materials Quantity (Efficiency) Variance Is the variance Favorable or Unfavorable? (circle one and give one viable explanation). e) Compute the Labor Rate (Cost) Variance Is the variance Favorable or Unfavorable? (circle one and give one viable explanation). 1) Compute the Labor Efficiency (Quantity) Variance Is the variance Favorable or Unfavorable? (circle one and give one viable explanation)