The Buckley Company has established the following standards for its product.

Direct material 8.5 lbs @ $3.6 per lb.

Direct Labor .25 hour @ $16.00 per hour

During November, Buckley purchase and used 174,000 lbs. of direct material at a price of $3.80 per lb. to make 20,000 units of finished product. It also used 4,800 hour of direct labor at a rate of $18.00 per hour to make the 20,000 units of finished goods.

Required:

1. The direct material price variance and state whether favorable or unfavorable.

2. The direct material use variance and state whether favorable or unfavorable.

3. The direct labor rate variance and state whether favorable or unfavorable.

4. The direct labor efficiency variance and state whether favorable or unfavorable.