Exercise $2)$ Murray Company has carefully studied the process used to manufacture its only

product, the ACE$-96.$ The company has developed the following standard for each ACE$-96$ that

the company produces:

$6$ pounds of Goodstuff at $$15\mathrm{.}35$ per pound

$14$ hours of labor at $$7\mathrm{.}85$ per hour

During January, Murray manufactured $2,287$ ACE$-96\text{'}$s$.$ The company purchased $14,000$

pounds of Goodstuff at a cost of $$14\mathrm{.}80$ per pound and used $13,500$ pounds of Goodstuff

in the production process. Employees were paid $$253,328$ for $31,666$ hours of work.

Required: Compute MPV$,$ MUV, LRV$,$ and LEV and indicate whether favorable or

unfavorable.