Please use the following information for a company that makes and sell clocks for problems 2 and 3 below::

Actual number of clocks to be produced and sold 2,000

Standard quantity of 3 pounds of material per unit

Standard price of $5 per pound

Standard quantity of 2 hours of direct labor per unit

Standard rate of $10 per direct labor hour

Actual results:

Direct materials cost 3.5 pounds of material per unit costing $4 per pound

Direct labor cost 1.5 hours of direct labor per unit costing $16 per direct labor hour

2. Please calculate the direct materials price and quantity variances

3. Please calculate the direct labor rate and efficiency variances