Problem 4 Westvaco Inc. provides the following standard cost data for one of its products: Direct materials Direct labor + 5 pounds at $25.00 per pound 2 hours at $10.00 per hour During the month of July, the following actual cost data was accumulated: Materials purchased Materials used Direct labor incurred Units produced 14,500 pounds at $.5.30 14,500 pounds 5, 700 hours at a total cost of $.58...710 3,000 units REQUIRED: Compute the following variances 1. Direct materials price variance 2. Direct materials quantity variance 3. Direct labor rate variance 4. Direct labor efficiency variance