Last year, the company budgeted production and sale of 2875 gizmos. Actual production and sales were 2500 gizmos for $288 each. Each item was budgeted to use 4 direct labor hours (s) and 10 pounds (s) of material. expected to pay $2.00 per pound and $19.00 per hour. does not keep any raw materials inventory. Actual production required the following: 28750 pounds at $1.60 per pound 8500 hours at $20.90 per hour ******************************* Compute and label each of the following variances. Materials price variance = Materials usage variance = Labor rate variance = Labor efficiency variance =