E9-1 Calculating Unknown Values for Direct Materials, Direct Labor Variances [LO 9-3, 9-4) Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records Ironwood has managed to reconstruct portions of its standard price (rate) system database but is still missing a few pieces of information Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable) $ Direct Materials 25 lb $ 4.20 por ib. 2.4 lb $ 4.10 perib 2.500 pans Direct Labor 1.10 hr. 16.00 per hr 1.20 h. 15.50 per her 2.500 pans $ Standard amount per pan produced Standard price rate) Actual amount used per pan produced Actual price rate) Actual number of pars produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct laborrate variance Direct labor officiency variance Direct labor spending variance