Younger Company has the following materials and labour standards established for a particular product Standard quantity per unit of output Standard price 8.3 grams $19.15 per gram Standard labour hours per unit of output 2.0 hours Standard labour rate $15.00 per hour The following data pertain to operations concerning the product for July Actual output Actual materials purchased (7,500 g x $18.85/g) Actual materials used in production Actual hours worked (1.550 hrs x $16.00/hr) Required 700 units $141,375 6,100 grams $24,800 Prepare the material variances Show calculations and label variances (name of variance and favourable or unfavourable). (6 Marks)