Inglenook Corporation makes a product with the following standard costs: Direct materials.......... Direct labor........ Variable overhead...... Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit 8.2 pounds $7.00 per pound $57.40 0.4 hours $20.00 per hour $8.00 0.4 hours $2.00 per hour $0.80 The company budgeted for production of 2,450 units in June, but actual production was 2,500 units. The company used 19,500 pounds of direct material and 1,030 direct labor-hours to produce this output. The company purchased 22,000 pounds of the direct material at $6.70 per pound. The actual direct labor rate was $19.20 per hour and the actual variable overhead rate was $1.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Calculate the materials price and quantity variances for June. b. Calculate the labor rate and efficiency variances for June