LMN Inc produces a product with the following standard cost per unit:

Direct materials: 4 kg at $5 per kg

Direct labor: 2 hours at $15 per hour

The actual data for the month of February 2025 is:

Units produced: 2,500 units

Direct materials used: 10,200 kg at $4.80 per kg

Direct labor: 5,100 hours at $14.50 per hour

Required: a. Calculate the direct material price variance and direct material usage variance. b. Calculate the direct labor rate variance and direct labor efficiency variance. c. Prepare the journal entries to record the variances. d. Analyze the variances and provide possible explanations for the differences.