Part 2: Shorty's Inc. produces patio furniture. For November 2020, they had the following standards for one of their products: Standards per chair Direct Material $6.25 per square yard 3 square yards @ Direct Labor hour 1 hr @ $15.00 per The following data pertains to actual performance: output 2000 chairs sq yds of material purchased & used 6800 sq yards cost per yard $5.75 direct labor cost $28,500 labor hours 1500 hrs Required: 1. Compute the direct materials price variance and quantity variance 2. Compute the labor rate and efficiency variances