Apricot Shoes, Inc. produces athletic shoes for various sports activities. The company has established standards and related standard costs for the manufacture of one pair of athletic shoes, which are attached. During the month of January of the current year, the company compiled the attached information concerning actual production for the month. The company manufactured 5,400 pairs of shoes during January (1) REQUIRED: Compute the following manufacturing cost variances, showing appropriate supporting calculations. Direct materials price variance. (2) Direct materials quantity variance. (3) Direct labor rate variance. Direct labor efficiency variance. "APRICOT SHOES, INC. STANDARDS FOR MANUFACTURE OF ONE PAIR OF ATHLETIC SHOES Direct Materials 10 pieces per pair at $0.40 per piece Direct Labor 1.50 hours per pair at $5.50 per hour APRICOT SHOES, INC. ACTUAL RESULTS FOR MONTH OF JANUARY OF CURRENT YEAR Direct Materials 58,000 pieces purchased at a total cost of $24.500 58,000 pieces were used in production Direct Labor 8.050 hours worked at a total cost of $45.080