Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of $2,000$ units of a product:Actual CostsStandard CostsDirect material$5,850$lbs$.$ @$$5\mathrm{.}306,000$lbs$.$ @$$5\mathrm{.}10$Direct labor$9,300$hrs$.$ @$$8\mathrm{.}409,000$hrs$.$ @$$8\mathrm{.}70$Determine the following variances:Do not use negative signs with any of your answers. Next to each variance answer, select either $"$F$"$ for Favorable or $"$U$"$ for Unfavorable.Materials VariancesActual cost:Split cost:Standard cost:a$.$ Materials priceb. Materials efficiency Labor VariancesActual cost:Split cost:Standard cost:c$.$ Labor rated. Labor efficieny