Question: please explain the steps on how you got the answers, thanks! Quinton Company has set the following standards for one unit of product: Direct material

 please explain the steps on how you got the answers, thanks!

please explain the steps on how you got the answers, thanks!

Quinton Company has set the following standards for one unit of product: Direct material Quantity: 6.2 pounds per unit Price per pound: $11 per pound Direct labor Quantity: 6 hours per unit Rate per hour: $23 per hour Actual costs incurred in the production of 2,800 units were as follows: Direct material: $194,350 ($11.50 per pound) Direct labor: $393,750 ($22.50 per hour) All materials purchased were consumed during the period. Required: Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable

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