During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. 211,000 pounds of material and 5,200 direct labor hours. Material quantity and price variances are recorded when materials are used 3. During October, 21,000 units of product were manufactured using a. Compute the material quantity and labor effcicney variances Compute the material price and labor rate variances. b. Show whether each of the above variances was either favorable or unfavorable