Pondo Inc. produced 1,000 units of the company's product in 2016. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.15 per yard. The accounting records showed that 2,400 yards of cloth were used and the company paid $1.20 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.75 per direct labor hour. Employees worked 1,300 hours and were paid $10.25 per hour.

Requirements

1. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances