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Emerson Company produces ceramic tea pots. Emerson allocates overhead based on the number of direct labor hours. The company is considering using a standard cost system and has developed the following standards (a batch is 100 teapots) Standard Costs: Direct Material Direct Labor Variable Manufacturing Overhead 3.0 hr Fixed Manufacturing Overhead3.0 hr 60 Ibs. per batch 5.00 per lb 3.0 hr. per batch$17.00 per hr $7.00 per hr $3.00 per hr 2018 Budgeted Data for Februar Budgeted production, 121 batches (100 tea pots each batch) Denominator Hours, 363 DLH. (Emerson applies overhead on the basis of direct labor hours.) Budgeted variable overhead, S2,541 Budgeted fixed overhead, $1,089 2018 Actual Results for Februar Direct material purchases were 4,500 lbs. at a cost of $4.70 per lb Direct material used was 4,100 lbs Direct labor costs was S3,344 at an average direct labor cost per hour of S17.60 Total variable manufacturing overhead was S1,406 Total fixed manufacturing overhead was $1,490 Actual production was 60 batches REQUIRED: Calculate the following variances a. materials price and quantity variances (Worth 4 pts.). b. labor rate and efficiency variances (Worth 4 pts.)