The following standard costs were developed for Product A at Jim's Corporation. Budgeted production for the year is 20,000 units, and overhead is applied on the basis of direct labor hours.

The master budget is as follows:

Direct materials(50,000 feet $14.00 per foot)$700,000

Direct labor (DL)(80,000 DL hours $10.00 per hour)$800,000

Variable overhead(50,000 DL hours $8.00 per hour)$400,000

Fixed overhead$700,000

Total budgeted cost$2,600,000

The following actual information is available for the production of Product A for the period:

Units produced:9,750

Materials purchased:39,000 feet @ $13.80 per foot

Materials used:39,000 feet

Direct labor:55,000 hours, costing $550,000

Variable overhead incurred:$450,000

Fixed overhead incurred:$750,000

1. Calculate the dollar amount and label the following variances as "favorable" or "unfavorable":
2. Direct materials price variance
3. Direct materials efficiency variance
4. Direct labor efficiency variance