12. Sur liquid Company produces a perfume called Zhim. The direct materials and direct labor standards for one bottle of Whim are given below: Standard Quantity or Standard Price or Rate Standard cost hours Direct materials 8.2 ounces Direct Labor 0.4 hour $2.50 per ounce $9.00 per hour $20.50 3.60 During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All of the material was used to produce 2,500 bottles of Zhim. c. Nine hundred hours of direct labor time were recorded at a total labor cost of $10,800. Instructions: 1. Compute the direct materials price and quantity variances for the month. 2. Compute the direct labor rate and efficiency variances for the month.