4. Moonwalk Company produces dancing shoes known as MJ Moves. The direct material and direct labor standards for one unit of MJ Movers are given below: Standard Quantity/ Standard Price/ Rate Standard Cost Hours Direct Materials 4.6 pounds $2.50 per pound $11.50 Direct Labor 0.2 hours $12.00 per hour $2.40 During the most recent month, the following activities were recorded: (a) Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. (b) All of the material purchased was used to produce 4000 units of MJ Moves. (c) 750 hours of direct labor time was recorded at a total labor cost of $10,435. Required: 1. Compute the direct material price and quantity variances for the month. 2. Compute the direct labor rate and efficiency variances for the month. 3. Justify the variances with possible causes. (6+6+8 = 20 marks)