Question - The data below relate to a product of Company.

Standard costs:

Material: 2 pounds at $6 per pound = $12 per unit

Labor: 3 hours at $15 per hour = $45 per unit

Budgeted production for the year is 4,000 units

Actual results were:

Production: 3,600 units

Material purchases: 8,000 pounds at $46,400

Labor: 10,360 hours at $160,580

Material used in production: 7,300 pounds

Requirements:

Compute the following:

Direct material price variance

Direct material quantity variance

Direct labor rate variance

Direct labor efficiency variance