Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given below: per Hour Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 7.2 Ounces 2.5 per ounce 18 Direct Labor 0.4 Hours 10 4. Variable Overhead 0.4 Hours 8 Per Hour 3.2 25.2 During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All of the material was used to produce 2,500 bottles of Whim. c. Nine hundred hours of direct labor time were recorded at a total labor cost of $10,800. d. actual variable overhead cost for the period was $8500 Required: 1. Compute the direct materials price and quantity variances for the month. 2. Compute the direct labor rate and efficiency variances for the month