Please help solve

EXERCISE 8-7 Material and Labor Variances (LO2, LO3) Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for bottle of Whim are given below: or one Standard QuantityStandard Price Standard Cost or Rate or Hours Direct materials.. ._ _ . _ .. . Direct labor $18 $4 $2.50 per ounce 7.2 ounces 0.4 hours $10.00 per hour During the most recent month, the following activity was recorded a. b. c. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. All of the material was used to produce 2,500 bottles of Whim. Nine hundred hours of direct labor time were recorded at a total labor cost of $10,800. Required: 1. Compute the direct materials price and quantity variances for the month. 2. Compute the direct labor rate and efficiency variances for the month