Standard Cost System- Variance Computations Liu Corporation recently implemented a standard cost system. The company's co accountant has provided the following data to perform a variance analysis st for May: Standard Direct Materials Standard Quantity per Unit Direct Labor Standard Rate Standard Hours per Unit $10 per pound 7 pounds per unit $12 per hour 5 hours per unit Actual Cost of Materials Purchased and Used Pounds of Material Purchased and Used Cost of Direct Labor Hours of Direct Labor Actual Volume of Production S612,000 68,000 pounds $82,875 6,375 hours 8,500 units Please compute the following variances: Circle Favorable or Unfavorabl 1. Materials price variance 2. Materials quantity variance 3. Total materials variance . Labor price variance S. Labor quantity variance 5. Total labor variance Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable