B. Future Plastics, Inc. manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 4 pts. Standard Quantity Standard Price Direct Materials | 12 sq ft. $0.72 per sq ft Direct Labor .25 hour $12.20 per hour Variable Overhead .15 hour $2 per hour Future Plastic had actual results as follows: Number of units produced and sold Number of square feet of plastic used Cost of Plastic Purchased and used Number of labor hours worked Direct Labor Cost Variable Overhead Cost 1,000,000 11,800,000 $8,260,000 245,000 $2,891,000 $450,000 1. Calculate the price variance for direct materials 2. Calculate the quantity variance for direct materials 3. Calculate the rate variance for labor costs 4. Calculate the efficiency variance for labor