Standard Costing and Variance Analysis (HP 10) Morticia Enterprises purchased and used 67,000 pounds (cost = $220,000) of direct material in the manufacture of the company's only product. According to the production specifications, each completed unit requires four pounds of direct material at a standard cost of $3 per pound. For 2023, Morticia Enterprises completed 16,000 finished units and had 500 units in work in process that was 45% complete). An examination of Morticia's payroll records revealed that the company worked 43,000 labor hours (cost = $650,000) during the period, and specifications called for each completed unit requiring 2.5 hours of labor at a standard cost of $15.50 per hour. Assume that the company computes variances at the earliest point in time. Required: Calculate the following: (a) Direct material price variance; (b) Direct material quantity variance; (c) Direct labor rate variance; and, (d) Direct labor efficiency variance