Cyuct Direct Material $36 per unit $9 per pound Direct Labor $63 per unit Quantity4 pounds per unit Hours3 hours per unit Rate= $21 per hour Actual costs incurred in the production of 2,000 units were as follows: Direct Material: $66,300 Direct Labor: $114,480 ($8.50 per pound) (S21.20 per hour) All materials purchased were used during the period. REQUIRED: Compute the direct material price and quantity variances and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable Use computations or goalpost format to show variances