Rhodes Corporation manufactures a product with the following standard costs: Direct materials (20 yards @ $1.85 per yard) $ 37.00 Direct labor (4 hours @ $12.00 per hour) 48.00 Variable factory overhead (4 hours @ $5.40 per hour) 21.60 Fixed factory overhead (4 hours @ $3.60 per hour) 14.40 Total standard cost per unit of output $121.00 Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output). The following information pertains to the month of July: Direct materials purchased (16,000 yards @ $1.80 per yard) $28,800 Direct materials used (9,400 yards) Direct labor (1,880 hours @ $12.20 per hour) 22,936 Actual factory overhead 16,850 Actual production in July: 460 units a. Compute the following variances for the month of July, indicating whether each variance is favorable or unfavorable: (1) Materials purchase price variance (2) Materials quantity variance (3) Labor rate variance (4) Labor efficiency variance