B. At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:

Direct Materials (5lbs. @ $4.00)	$20.00
Direct Labor (2hrs @ $15.00)	$30.00
Standard Prime Cost per Unit	$50.00

The actual results for the year are as follows:

1. Units produced: 410,000.
2. Materials purchased: 2,075,000 pounds @ $3.95.
3. Materials used: 2,100,000 pounds.
4. Direct labor: 825,000 hours @ $14.85.

Questions:

1. Compute price and usage variances for materials.
2. Compute the labor rate and labor efficiency variances, using both the formula and columnar approaches.