Use the following data for questions 22 thru 27 : The Litton Company has established standards as follows based on a plan to produce and sell 550 units: -Direct material: 3 pounds per unit @$4 per pound =$12 per unit -Direct labor: 2 hours per unit @$8 per hour = $16 per unit Variable manufacturing overhead: 2 hours per unit @\$5 per hour =$10 per unit Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Units Droduced... 600 units Dounds). Direct labor cost 11,100) 2,000 pounds used. 2,000 pounds Direct material purchased (2,000 pounds) $7,400 Direct labor cost(1,100 hours)... $9,240 Variable manufacturing overhead cost incurred.... $5,720 The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours. The direct materials price variance is: The direct materials efficiency variance is: $1,400U 57600 8800U 8760F The direct labor price variance is: direct labor-hours. 0$480F 0$440F 0$480U OS440U