Bortello Corporation produces high-quality leather boots. The company has a standard cost system and has set the following standards for materials and labor: Leather (12 strips @ $20) Direct labor (10 hours @ $12) Total prime cost $240 $120 $360 During the year Bortello produced 125 boots. Actual leather purchased was 1,700 strips, at $16 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 1,500 hours at $15 per hour. 1) Compute the material price variance. 2) Compute the material quantity variance. 3) Compute the spending variance for material. 4) Compute the labor rate variance. 5) Compute the labor efficiency variance. 6) Compute the spending variance for labor.