Use the following information to answer questions 5 through 8 : 5. What is the materials price variance? a. $62,300 Unfavorable b. $62,300 Favorable c. $69,000 Favorable d. $77,250 Favorable 6. What is the materials total cost variance? a. $7,500 Unfavorable b. \$11,250 Unfavorable c. $7,500 Favorable d. $6,700 Unfavorable 7. What is the labor price variance? a. $77,250 Unfavorable b. $30,000 Unfavorable c. $62,300 Favorable d. $69,000 Unfavorable 8. What is the labor efficiency variance? a. $77,250 Unfavorable b. $30,000 Unfavorable c. $62,300 Favorable d. $69,000 Unfavorable