Problem VII $(15$ min., $12$ pts$)$

Baby $M$ Company is a manufacturer of toys for babies and children from the age of $3$ months to $16$ years. One of its recently developed toys, the pop it$,$ has become very popular recently. In $2021,$ Baby M Company estimated the following standard costs for its most popular product, the pop it:

$\backslash$table$[[,\backslash$table$[[$Standard Quantity$],[4\mathrm{.}5$ hours per unity$]],\backslash$table$[[$osts for its most popu$],[$Standard Price$]]]]$

Actual costs incurred in the production of $1,000$ units were as follows:

Direct labor: $5,000$ hours at $$2\mathrm{.}5$ per hour.

Required

Calculate the Price and Efficiency variances for direct labor $(6$ pts$).$ Indicate whether each variance is favorable $($F$)$ or unfavorable $($U$).$ Based on the above information, analyze the cost and usage of direc' labor. Is there anything alarming? $(2$ pts$)$