Records at the Farnsworth Corporation contained the following data for the most recent period of activity:

Actual total direct labor cost $ $541,880$

Actual direct labor$-$hours worked $15,440$

Standard direct labor$-$hours allowed for actual output $($flexible budget$)14,880$

Direct labor price variance $$48,700$ F

Actual variable overhead $ $350,700$

Standard variable overhead rate per standard direct labor$-$hour $ $21$

Variable overhead is applied based on standard direct labor$-$hours allowed.

Required:

Compute the labor and variable overhead price and efficiency variances.