Corelli Company makes high quality loose leaf binders for conventions. Standard quantities and costs follow CORELLI COMPANY STANDARD QUANTITIES AND COSTS FOR DIRECT MATERIALS AND DIRECT LABOR 1/4 lb. at $1.00 per lb. 2 minutes at $6.00 per hour Direct Materials Direct Labor In May 20X3, 70,000 binders were produced. Corelli's purchasing agent bought 26,000 lbs. of material in May at $1.02 per lb. The May factory payroll reflected $13,420 of direct labor cost for 2,200 hours. In May, 17,700 lbs. of direct materials were placed into production. REQUIRED: Calculate the following variances. Direct materials price variance. Direct materials quantity variance. Direct labor price (rate) variance. Direct labor quantity (efficiency variance