Question 2 3 pts This information is used for the first four questions where you will calculate materials and labor variances. Excalibur bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $18,000 for 600 hours of work. Standards have been set as follows: Direct Materials 2 poundse $1.10 per pound Direct Labor: .5 hours e $32 per hour The materials quantity variance is $880 unfavorable $420 favorable $1,100 unfavorable $450 favorable $880 favorable Question 3 3 pts This information is used for the first four questions where you will calculate materials and labor variances. Excalibur bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $18,000 for 600 hours of work. Standards have been set as follows: Direct Materials 2 pounds e $1.10 per pound Direct Labor: .5 hours @ $32 per hour The labor rate variance is $1,200 favorable $1,200 unfavorable $3,200 favorable $3,200 unfavorable $2,000 unfavorable 3 pts Question 4 This information is used for the first four questions where you will calculate materials and labor variances. Excalibur bought 3,000 pounds of materials for $2.850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $18,000 for 600 hours of work. Standards have been set as follows: Direct Materials 2 pounds e $1.10 per pound Direct Labor: .5 hours $32 per hour The labor efficiency variance is $1,200 favorable $1,200 unfavorable $3,200 florable $3,200 unfavorable $2,000 unfavorable