Materials and Labor Variances

At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products:

Direct materials (6 lbs. @ $5)	$30.00
Direct labor (2 hrs. @ $12)	24.00
Standard prime cost per unit	$54.00

The actual results for the year are as follows:

Units produced: 370,000.

Materials purchased: 2,590,000 pounds @ $5.10.

Materials used: 2,257,000 pounds.

Direct labor: 666,000 hours @ $12.12.

Required:

1. Compute price and usage variances for materials.

Material price variance	$
Material usage variance	$

2. Compute the labor rate and labor efficiency variances.

Labor rate variance	$
Labor efficiency variance	$