The following data was obtained for a company that makes statues:

Standard Inputs ExpectedStandard Price

For Each Unit of OutputPer Unit of Input

Direct material5 pounds$12 per pound

Direct labor1.5 hours$12 per hour

During the month of July, the company actually produced 1,000 statutes, which is 100 units less than expected. Direct material purchased and used amounted to 5,500 pounds at a cost of $12.50 per pound. Actual direct labor was 1,450 hours at an actual cost of $13.00 per hour.

Required:

A) Compute the price and quantity variances for direct materials.

B) Compute the price and quantity variances for direct labor.