The following information describes actual production activities of the Oliver Corp.: Raw materials used. 12,000 lbs. at $2.50 per Ib. Factory payroll. 3,500 hours for a total of $45,500 15,000 units were completed during the year Budgeted standards for each unit produced: 1 lb. of raw material at $2.25 per lb. 15 minutes of direct labor at $12.50 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