5. (24 points: 6 points for each part) Given the following information: $20,570 Variable-overhead costs incurred 2,900 pounds Material purchased and used 2,450 hours; $24,500 Direct labor costs incurred 500 units Finished units produced $37 per pound Actual material cost Standard direct labor cost $9 per hour $40 per pound Standard material cost Standard variable overhead S8 per hour Standard pounds of material in a financial unit 6 Standard direct labor hours per finished unit 5 (a) Compute the price and usage variances for direct material. Indicate whether each variance is favorable or unfavorable. (b) Compute the price and usage variances for direct labor. Indicate whether each variance is favorable or unfavorable