Direct materials ...standard quantity of hrs 4.6lbs...standard price $2.50 per pound...standard cost $11.50 direct labor...standard quanitity 0.2hrs...standard price $12 per hr...standard cost $2.40 a.twenty thousand lbs of material were purchased at a cost of $2.35 per pound. b.All of the material purchased was used to produce 4,000 units of Zoom. c.750 hrs of direct labor time were recorded at a total labor cost of $10,425 1.Compute the direct materials price and quantity variances for the month 2. COmpute the direct labor rate and efficiency variances for the month