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 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 and used (9, 400yards @ $1.80 per $16, 920 yard) Direct labor (1, 880 hours @ $12.20 per hour) 22, 936 Actual production in July; 460 units 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