uestion 5 Material and Labor Variance Analysis The following data pertains to the first week of Grant Company's operations during April: Materials: Actual Purchase Actual Usage Standard Usage 1,750 units at $4 10 per unit 1,600 units at $4.20 per unit 450 hours at $13.00 per hour 1,690 units Direct labor Actual hours Standard hours 460 hours at $12.70 per hour Required Compute the following variance, indicating whether each one is favorable or unfavorable: Material purchase price variance, price usage variance and quantity variance. Labor rate and efficiency variances