uses a standard cost system and has established the following standards Hernandez Corporation for one unit of product: 5. Standard Price Standard Quantity 10 pounds 25 hour Standard Cost $26.00 $28.50 $2.60 per pound Direct materials Direct labor $10.00 per hour2.50 During October, the company purchased 240,000 pounds of material at a total cost of $$88,000. The total using 211,000 pounds of material and 5,200 direct labor hours. Instructions: a. Compute the material quantity and labor efficiency variances. factory wages for October were $49,400. During October, 21,000 units of product were manufactured b. Compute the material price and labor rate variances. Show whether each of the above variances was either favorable or unfavorable