Giving the following information:

1. Actual materials input used 8,500 KG
2. Actual labor input used 3,500 hours
3. Actual price of materials per unit $16
4. Actual price of labor per hour $10
5. Flexible budget price of materials per unit $18
6. Flexible budget price of labor per hour $8.5
7. Flexible budget units of materials 8,000KG
8. Flexible budget hours of labor 3,200 hours

Required:

1. The price variance for both materials and labor (5 Marks)
2. The efficiency variance for both materials and labor. (5 Marks)