Wagner Company developed the following standard costs for its product for 2011 Direct Materials 4 pounds at SA.50 per pound Direct Labor -2 hours at $10.50 per hour Based on their flexible budget, budgeted Manufacturing Overhead costs are $80.000 of fixed costs plus variable costs of $4 per direct labor hour. Normal capacity is set at 20000 units of product OR 40.000 DIRECT LABOR HOURS (200oo units x 2 labor hours per unit) Actual costs for 2011 were as follows a. 19.000O units of product were actually produced b. Direct labor costs were $362 700 for 37/200 direct labor hours actually worked c. Actual direct materials purchased and used during the yeear cost $361.900 for 77000 pounds d. Total actual manufcaturing overhead costs were $227.000 Compute the fotlowing yearly variances for Wagner company for 2011 and indicate whether the variance is favorable (I or unfavorable (U) Use the following format for all varliances: (Example: 1.000 U 1. Direct Materials Price Variance DQuestion 5 4 pts Compute the Direct Materials Quantity Variance