Please answer question 1 with the given information

explain their Problem 8-20B Basic Variance Analysis; the Impact of Variances on Unit Costs [LO8-4, LO8-5, LO8-6 Learning Objective: 08- 05 Compute the direct labor rate and efficiency variances and explan their significance Problem 8-20B Basic Variance Analysis; the Impact of Variances on Unit Costs [L084, LO8-5, LO8-6 Perry Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.80 feet at $1.80 per foot Actual: 1.75 feet at $2.20 per foot 3.24 s 3.85 Direct labor 17.10 Standard: 0.90 hours at $19.00 per hour Actual: 0.95 hours at $18.40 per hour 17.48 Variable overhead: 5.76 Standard: 0.90 hours at $6.40 per hour Actual: 0.95 hours at $6.00 per hour 5.70 Total cost per unit $26.10 $27.03 Excess of actual cost over standard cost per unit $0.93 The production superintendent was pleased when she saw this report and commented: "This $0.93 excess cost is wel within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product Actual production for the month was 12,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials Required: 1. Compute the following variances for May a. Materials price and quantity variances. (Input all amounts as positive values. Indicate the effect of each variance by selectingP" for favorable, U for untavorable, and None for no effecet (i.e, zero variance).)