Raj Enterprises purchased 65,000 pounds (cost = $600,000) of direct material to be used in the manufacture of the company's only product. According to the production specifications, each completed unit requires four pounds of direct material at a standard cost of $9 per pound. Direct materials consumed by the end of the period totaled 65,500 pounds in the manufacture of 16,000 finished units. An examination of Raj's payroll records revealed that the company worked 42,000 labor hours (cost $625,000) during the period, and specifications called for each completed unit requiring 2.5 hours of labor at a standard cost of $15 per hour. Assume that the company computes variances at the earliest point in time. Required: Calculate the following: (a) Direct material price variance; (b) Direct material quantity variance; (c) Direct labor rate variance; and, (d) Direct labor efficiency variance. Answer here: Direct Material Price Variance Direct Material Quantity Variance Direct Labor Rate Variance Direct Labor Efficiency Variance