Ransom Inc. manufactures Product X. The purchasing and production departments have provided

the following information related to Product X for the month of March:

Standard (Budgeted) Actual

Direct materials: 1,500 pounds at $35.00/lb. 1,600 pounds at $32.00/lb.

Direct labor: 4,800 hours at $11.00/hr. 4,500 hours at $11.80/hr.

Compute the following for Ransom (number and term):

Total direct materials cost variance: ________________________

Direct labor rate variance: ________________________

Direct materials quantity variance: ________________________