Palm Time Inc. budgeted 6,000 step stools for June under its standard costing system. Each stool is sold for $22. Actual production for June was 6,300 stools. The company uses units of product as the cost driver for overhead. Standards and actual costs follow for June:] Budgeted and Standard 1.1 linear feet @ $2.40 a foot Actual 6,400 feet purchased for $15,040; 6,450 feet used Direct materials 0.10 hours @ $14.00 per Direct labor 620 hours @$14.30 per hour hour Variable overhead $16,800 total $18,400 Fixed overhead $15.00 per DLH $9,200 Calculate the material price variance, material quantity variance, labor rate variance and labor efficiency variance. Indicate if each of the variances is favorable or unfavorable.