Please complete the Problem as follows: 1) Bumpy Company set the following standard unit costs for its single product. 2 3 5 Direct materials (5 lbs. @ $2 per lb.) $ 10.00 Direct labor (0.3 hrs. @$15 per hr.) 4.50 Factory OH-variable (0.3 hrs. @$10 per hr.) 3.00 Factory OH-fixed (0.3 hrs. @$14 per hr.) 4.20 Total Standard Cost $ 21.70 During the current quarter, the company operated at 70 of capacity and produced 420,000 units of product; direct labor hours worked were 125,000. Actual costs incurred during the current quarter follow: Direct materials (2,000,000 lbs. @ $2.15 per lb.) $ 4,300,000 Direct labor (125,000 hrs. @ $15.50) $ 1,937,500 Fixed factory overhead costs Variable factory overhead costs Total Actual Costs 1,960,000 1,200,000 $ 9,397,500 1) Compute the direct materials price, quantity and total variances. For each variance, state whether favorable or unfavorable. 2) Compute the direct labor rate, efficiency and total variances. For each variance, state whether favorable or unfavorable. 3) Compute the total overhead variance and state whether it is favorable or unfavorable Check (1) Materials variance Price $300,000-U: Quantity, $200,000-F (2) Labor variances: Rate, 562500-U Efficiency, $15,000-