Compute material variances using the following information, clearly identifying each variance, and note whether it is favorable [F] or unfavorable [U] in your final answer (round answers to the nearest whole dollar): 1. Price Variance 2. Quantity Variance 3. Total Material Variance Standard Quantities and Costs: DM (.2 pound per unit at $12 per pound )=$2.40 per unit Actual Quantities, and Costs: DM purchased & used =2,300 pound at $11 per pound Additional information: During the period, RCC, Inc. budgeted to produce 10,000 lamps. It actually produced 11,000 lamps