Makemake, Inc. manufactures wedding dresses that have the following standard costs: Direct materials: 40 yards at $2.70 per yard Direct labor: 8 hours at $18.00 per hour Total $108 144 $252 The following information pertains to Makemake in the month of July: Direct material purchased: 42,500 yards at $2.78 per yard, or $118,150 Direct material used: 39,000 yards Direct labor: 7,500 hours at $18.30 per hour, or $137,250 Actual completed production: 1,050 dresses Use the information to compute the following variances: Required: Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable