A company produces a chemical compound that can be sold for industrial use. The direct materials and direct labor standards for one unit of the product are given below:

Standard Quantity or Hours Standard Price

or Rate Standard

Cost

Direct materials $7\mathrm{.}80$ pounds $ $2\mathrm{.}50$ per pound $ $19\mathrm{.}50$

Direct labor $0\mathrm{.}30$ hours $ $6\mathrm{.}00$ per hour $ $1\mathrm{.}80$

During the most recent month, the following activity was recorded:

$9,300\mathrm{.}00$ pounds of material were purchased at a cost of $$2\mathrm{.}20$ per pound.

All of the material purchased was used to produce $1,000$ units of product.

$200$ hours of direct labor time were recorded at a total labor cost of $$1,400.$

Required:

$1.$ Compute the materials price and quantity variances for the month.

$2.$ Compute the labor rate and efficiency variances for the month.