$5.(7$ points$)$ Timber Enterprises purchased $67,000$ pounds $($cost $=$ $$616,400)$ of direct material to be used in the manufacture of the company's only product. According to the production specifications, each completed unit requires four pounds of direct material at a standard cost of $$9$ per pound. Direct materials consumed by the end of the period totaled $65,500$ pounds in the manufacture of $16,050$ finished units.

An examination of Timber$$s payroll records revealed that the company worked $42,000$ labor hours $($cost $=$ $$621,600)$ during the period, and specifications called for each completed unit requiring $2\mathrm{.}6$ hours of labor at a standard cost of $$15$ per hour.

Use the information to compute the following variances:

Required:

Calculate the direct$-$material price and quantity variances, and the direct$-$labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

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