Question 5: For this question, please clearly show your calculation. An answer without showing calculation steps will not receive credit. In addition, please clearly identify if each variance is either F (favorable) or U (Unfavorable) The following information is for LEEE Companys January production: Standards: Material 3.0 feet per unit @ $4.20 per foot Labor 2.5 hours per unit @ $7.50 per hour Actual: Production 2,750 units produced during the month Material 8,700 feet used; 9,000 feet purchased @ $4.50 per foot Labor 7,000 direct labor hours @ $7.90 per hour a) What is the material price variance (calculated at point of purchase)? b) What is the material quantity variance? c) What is the labor rate variance? d) What is the labor efficiency variance?

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