Use the following information to answer Questions 17 and 18. Dillard Company has developed the following standard cost data. The fixed overhead rate is based on a denominator volume of 60,000 direct labor hours. Per Unit Direct materials (3 lbs. @ $2.00/1b.) $ 6.00 Direct labor (0.5 hrs. @ $8.00/hr.) 4.00 During a recent period, the company produced 128,000 units. It incurred the following manufacturing costs: Direct materials Purchased 390,000 lbs @ $2.05/lb.; used 380,000 lbs. Direct labor Used 63,000 hours at a cost of $507,150 17. Determine the following variances. Indicate whether each is favorable or unfavorable. (Be sure to show your calculations in each case.) Materials price variance Materials inventory variance. Materials usage variance