https://wsu.instructure.com/courses/1 Question 38 12 pts The following standard costs were developed for Product A at Larry Corporation. Budgeted production for the year is 10,000 units, and overhead is applied on the basis of direct labor hours. The master budget is as follows: Direct materials (40,000 feet x $14.00 per foot) $560,000 Direct labor (DL) (60,000 DL hours x $10.00 per hour) $600,000 Variable overhead (60,000 DL hours x $8.00 per hour) $480,000 Fixed overhead $720,000 Total budgeted cost $2,360,000 The following actual information is available for the production of Product A for the period: Units produced: 9,500 Materials purchased: 39,500 feet @ $13.80 per foot Materials used: 39,500 feet Direct labor: 56,000 hours, costing $560,000 Variable overhead incurred: $470,000 Fixed overhead incurred: $720,000 Required: 1. Calculate the dollar amount and label the following variances as "favorable" or "unfavorable": a. Direct materials price variance (4 points) b. Direct materials efficiency variance (4 points) c. Direct labor efficiency variance (4 points) Edit View Insert Format Tools Table 12pt \\ Paragraph BIUAZT ... O N X 96. F