Chemical Inc. has set up the following standards per finished unit for direct materials and direct manufacturing labor:

Direct materials: 10 lbs. at $3 per lb $30

Direct manufacturing labor: 0.5 hours at $20 per hour $10

The number of finished units budgeted for March 2016 was 10,000; 9,810 units were actually produced.

Actual results in March 2022 were:

Direct materials: 98,073 lbs. used

Direct manufacturing labor: 4,900 hours $102,900

Assume there was no beginning inventory of either direct materials or finished units.

During the month, materials purchases amounted to 100,000 lbs. at a total cost of $310,000. Input price variances are isolated upon purchase. Input efficiency variances are isolated at the time of usage.

Required:

Compute the March 2022 DM price and efficiency variances and also identify if these variances are favorable or unfavorable.

Compute the March 2022 DL price and efficiency variances and also identify if these variances are favorable or unfavorable.