Kryonex, Inc. is a start-up focussing on manufacturing polyvinylchloride (PVC) packing boxes for clients located in both North and South America. PVC is a synthetic thermoplastic material made by polymerizing vinyl chloride, and the competition that Kryonex faces is pretty intense. To keep the manufacturing process as efficient as possible, Miguel Gomez, the company's Chief Accountant, tracks all purchases and usages of direct materials and direct labour. The figures for the previous month indicate that 177,320 kilograms ikgs.) of vinyl chloride, the direct material used in making the packing boxes, were purchased at a cost of $1.41 per kg. All of the viny chloride was used to produce 6,500 PVC packing boxes. In addition, 14,883 direct labour hours were used in the production process, for a total direct labour cost of $256,441. Miguel has also ascertained the direct material and direct labour standards relating to one PVC packing box, and has entered this information in the following table: Standard cost Direct materials Direct labour Standard quantity or hours 22.00 kgs. 2.15 DLHS Standard price or rate $1.65 per kg $16.60 per DLH $36.30 per box $35.69 Required: 1 Compute the direct materials price and quantity variances for the month. 10 marks 2. Compute the direct labour rate and efficiency variances for the month, 10 marks