Use the following information to answer Questions 1-5: Cost standards for one unit of product no. C77 Direct material Direct labor Actual results: Units produced Direct material purchased Direct material used 3 pounds at $2.50 per pound 7.50 hours at S7.50 per hour37.50 7,800 units 26,000 pounds at $2.70S 23,100 pounds at $2.70 40,100 hours at $7.30292,730 70,200 62,370 Direct labor putes variances at the earliest point in time. Assume that the company com 1. The direct-material quantity variance is: A. $750F. B. $750U. C. $6,500U. D. $7,250U. E. None of the answers is correct. 2. The direct-material price variance is: A. $4,620F B. $4,620U. C. $5,200F D. $5,200U. E. None of the answers is correct. 3. The direct-Jlabor rate variance is: A. $7,800F B. $7,950F C. $8,020F D. $8,000U E. None of the answers is correct