K000 Industries, Inc. (RII), developed standard costs for direct material and direct labor. In 2004, RII estimated the following standard costs for one of their major products, the 10 -gallonyplastic container During sune, RII produced and sold 5,000 containers using 490 pounds of direct materials at an average cost per pound of $32 and 250 direct manufacturing laborhours at an average wage of $15.25 per hour. 1. Compute the direct materials price and efficiency variances for the quarter