Score Name Section Problem (10 points). Corelli Company makes high quality loose leaf binders for conventions. Standard quantities and costs follow. CORELLI COMPANY STANDARD QUANTITIES AND COSTS FOR DIRECT MATERIALS AND DIRECT LABOR Direct Materials 1/4 lb. at $1.00 per lb. Direct Labor 2 minutes at $6.00 per hour In May 20X3, 70,000 binders were produced. Corelli's purchasing agent bought 26,000 lbs. of material in May at $1.02 per lb. The May factory payroll reflected $13.420 of direct labor cost for 2.200 hours. In May, 17,700 lbs. of direct materials were placed into production. REQUIRED: Calculate the following variances. (1) Direct materials price variance. (2) Direct materials quantity variance Direct labor price (rate) variance. (4) Direct labor quantity (efficiency) variance