Baker Company has the following standards to produce one unit of finished product. Direct materials: 4 pounds at $5 per pound Direct Labor: 3 hours at $15 per hour The Baker Company produced 3,000 products during the period. Direct material used in production equals 11,800lbs. The direct labor workers worked 9,300 hours. The wage rate paid was $14 per hour. Baker purchased 12,000lbs. of direct material at $5.15 per pound. Required: Calculate the following variances and indicate if each is favorable or unfavorable. 1. direct material price variance 2. direct material quantity variance 3. direct labor rate variance 4. direct labor efficiency variance