Direct Materials & Direct Labor Variances Standards (Budget) Direct Materials Direct Labor Price Standard: $ 2.10 per lb Rate Standard: $15 per hour Quantity Standard: 2 Ibs per unit Efficiency Standard: 3 hours per unit Actual Actual Production 7,350 units Actual Materials Purchased 18,000 1bs Actual Cost $ 36,000 Actual Materials Used 15,100 lbs Actual Direct Labor Hours 21,500 hrs Actual Direct Labor Cost $ 344,000 Required: Calculate the following variances: 1. Direct Materials Price Variance 2. Direct Materials Quantity Variance 3. Direct Labor Rate Variance 4. Direct Labor Efficiency Variance