Following are the standard unit costs and total actual costs related to the production of a product:

Standard costs

Direct materials 2 lbs. @ $3 = $6

Direct labor 2 hrs. @ $8 = $16

Variable overhead 2 hrs @ $1 = $2

Standard cost of one unit $24

During the period actual production was 1,450 units Actual costs for the period were:

Direct materials 3,000 lbs. @ $2.90 = $8,700

Direct labor 2,950 hrs. @ $8.20 = $24,190

Variable overhead $3,100

Compute the following variances. Make sure you label the variances as F for favorable or U for unfavorable.

1. Materials price variance

2. Materials quantity variance

3. Direct labor rate variance

4. Direct labor efficiency variance