16. Fine Lumber Inc. mills and finishes furniture kits. A certain kit requires the following:

Direct materials standard 2 square yards at $14.50 per yard

Direct manufacturing labor standard 1.6 hours at $21.00 per hour

During the third quarter, the company made 1,550 kits and used 3,255 square yards of wood costing $43,600.

Direct labor totaled 2,100 hours for $46,150.

Required: a. Compute the direct materials price and efficiency variances for the quarter.

b. Compute the direct manufacturing labor price and efficiency variances for the quarter.