The following information describes actual production activities of the Cheers Corp.:

Raw materials used 8,250 lbs. at $2.50 per lb.

Factory payroll ... 2,176 hours for a total of $27,200 ($12.50 per hour)

8,000 units were completed during the year

Budgeted standards for each unit produced:

1 lb. of raw material at $2.60 per lb.

15 minutes (.25) of direct labor at $12.75 per hour

Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.