OODGYA 17 Opal Problem 12 Derickson inch provided the following standards for one of its products: Standard Quantity Hours 45 pounds Direct Material Direct Labor Varble Overhead 12 direct labor hours 15 machine hours Standard Price/Rate $12.00 per pound I $20.00 per direct labor hour $8.00 per machine hour The following information was compiled during the month of March 5.000 units were produced 2000 pounds of direct materials were purchased for $325,000 24.000 pounds of direct materials were used in production 4.800 direct labor hours were recorded at a cost of $127,600 1200 machine hours were recorded at a cost of $59,400 Requirt Compute the price and quantity variances for materials, labor, and overhead. Be sure to properly label each variance (eg. MPV, MQV, LRV, etc...) as well as the direction of the variance (Favorable or Unfavorablel. Show all of your work for partial credit. B/VAX EE 12pt ▼ Paragraph fi -00 [11]