At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (6 lbs. @ $5) $30.00 Direct labor (2 hrs. @ $12) 24.00 Standard prime cost per unit $54.00 The actual results for the year are as follows: Units produced: 470,000. Materials purchased: 3,290,000 pounds @ $5.60. Materials used: 2,867,000 pounds. Direct labor: 1,034,000 hours @ $14.28. Required: 1. Compute price and usage variances for materials. Material price variance $ Material usage variance $ 2. Compute the labor rate and labor efficiency variances. Labor rate variance $ Labor efficiency variance $