Problem 5 (Supplemental Problem #2)-Compute materials and labor variances Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Direct materials (5 lbs. @ $2.60) Direct labor (0.75 hr. @ $18.00) Fixed overhead (0.75 hr. @ $4.00) Variable overhead (0.75 hr. $3.00) Standard cost per unit 13.00 13.50 $ 3.00 2.25 31.75 Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 274,000 pounds at $2.50 per pound Direct materials used: 270,300 pounds c. d. Direct labor: 40,100 hours at $17.95 per hour e. Fixed overhead: $161,700 Variable overhead: $122,000 Required: (circle For Uto indicate whether the variance is favorable or unfavorable) I. Compute the materials price variance: 2. Compute the materials quantity usage variance: 3. Compute the total materials variance: 4. Compute the labor rate variance: 5. Compute the labor efficiency variance: 6. Compute the total labor variance: f. F or U F or U F or U F or U F or U F or U You must show your work to receive credit***