Please show your work step by step.

Problem I (Textbook Reference P.1) - Compute materials variances A product has a standard materials usage and cost of 4 pounds per unit at $7.00 per pound. During the month, 2.400 pounds of materials were purchased at 570 per pound Production for the month totaled 550 units requiring 2.100 pounds of materials Required: (circle For U to indicate whether the variance is favorable or unfavorable) _For U 1. Compute the materials price variance 2. Explain what is causing the materials price variance: For U 3. Compute the materials quantity usage variance: 4. Explain what is causing the materials quantity usage variance: For U 5. Compute the total materials variance: ***You must show your work to receive credit*** Actual Quantity Purchased x Actual Price Actual Quantity Purchased x Standard Price Direct Materials Variance Analysis Actual Quantity Used x Standard Price Standard Quantity Allowed x Standard Price Total Total Total Total