Problem $3$: Variance Analysis

Our company had the following data regarding direct materials and direct labor usage this year:

Direct Materials Purchased $123260$ feet at a cost of $$16$ per foot

Direct Materials Used $122500$ feet

Direct Labor Used $244400$ hours at a rate of $$21$ per hour

Actual units produced $30600$ units

The standards set by our company include the following:

Calculate the direct material and direct labor variances and then comment on the results.

Direct Material Price Variance:

Direct Material Usage Variance:

Direct Labor Price Variance: