Barker Company produces a single product. The standard direct costs for the product are as follows: Direct materials (4 yds.@ $5/yd.) $20 Direct labor (1.5 hrs.@ $10/hr.) $15 During a recent period the company produced 1,200 units of product. Various costs associated with the production of these units are given below: Direct materials purchased (5,000 yds.) $24,500 Direct materials used in production 4,700 yds. Direct labor cost incurred (1,900 hours) $18,297 a. The materials price variance for the period is: Answer: _______________ b. The materials quantity (or usage) variance for the period is: Answer: ______________ c. The labor rate variance for the period is: Answer: ______________ d. The labor efficiency variance for the period is: