Myncie Company manufactures a single product. The following standards have been developed for it:

Direct Material	5 pounds	$4/pound
Direct Labor	2 hours	$15/hour

During May, the following actual activities occurred: 2,000 units were produced. Material purchased and used, 12,000 pounds for $3.80 per pound; direct labor, 3,500 hours costing $16 per hour. Required: Please show all calculations. Calculations count points and if calculations are not shown points will be deducted. Compute the following variances: (a) Material price variance (b) Material efficiency (quantity) variance. (c) Labor price (rate) variance. (d) Labor efficiency variance.