Bloomfield Sports Clothing produces parkas used by arctic explorers, mountain climbers, and people living in Minnesota. The company uses a standard costing system, and standards call for 2.5 yards of material at $55 per yard for each parka. The standard cost for labor is 3.5 hours at $35 per hour. For the year 2015.

During 2015, 8,500 parkas were manufactured. The company purchased 24,000 yards of material at a cost of $1,375,000. Production required 22,300 yards of material. The cost of direct labor was $1,000,000 for 27,500 hours.

Find:

1. Materials Price and Quantity variances
2. Labor Rate and Efficiency variances