Name ESSAY. Write your answer in the space provided or on a separate sheaer. 1) During Jun e, Fraser Company's material purchases amounted to 6,000 pounds at a price of $7.35 Actual costs incurred in the production of 2,000 units were as follows: per pound. Direct labor:I Direct material: S32,340 (S7.35 per pound) S116,935 (S18.20 per hour) The standards for one unit of Fraser Company's product are as follows: Direct labor Quantity, 3.1 hours per unit Rate, $18 per hour Direct material Quantity, 2. 1 pounds per unit Price, $7.10 per pound Required: Compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable 2) James at the Mill Barn Woods produces handcrafted frames. A standard-size 11 x 14 inch frame 6 board feet of rustic barn wood in the finished product. In addition, 1 board foot of scrap lumber is normally left from the production of one frame. James pays a demolition company $1.50 per board foot, plus S1.00 in transportation charges per board foot requires Required Compute the standard direct-material cost of a frame