Final Question #06 This is question #06. I need the answers showing step by step everything, in as clear and concise from beginning to end and what the final answer is for each one the question asks for, as possible. I'll need to put this on a Word Document, so please make sure it fits the criteria so I can put all the steps and the solution onto a Word Document (Preferably Only Text.) No Excel Tables or any tables, no graphs, and no images where I can't copy and paste. All in Text so I can copy and paste. Please do it as fast as you can, since I'm currently on a very short timer, and would greatly appreciate it. Question: The following actual data was given for the firm: 6,000 pounds of material were purchased costing $ 48,000. Five hundred units were produced requiring 1500 labor hours costing $7,500 and 1, 000 pounds of material. The standard for labor is 2 hours per unit with a wage rate of $5 per hour, and for materials 3 pounds per unit at a price of $15 per unit. a) Calculate all labor variances b) Calculate all material variances c) Write an analysis of how you would explain the labor variances to management Thank you in advance, Yaakov V