Question 1) Murray Company has carefully studied the process used to manufacture its only product, the ACE- 96. The company has developed the following standard for each ACE-96 that the company produces: 6 pounds of Goodstuff at $15.35 per pound 14 hours of labor at $7.85 per hour During January, Murray manufactured 2,287 ACE-96's. The company purchased 14,000 pounds of Goodstuff at a cost of $14.80 per pound and used 13,500 pounds of Goodstuff in the production process. Employees were paid $253,328 for 31,666 hours of work. Required: Calculate the material price variance, material efficiency variance, labor rate variance and labor efficiency variance. Indicate if each of the variances is favorable or unfavorable