Thompson Company uses a standard cost system for its single product. The following data are available: Actual experience for the current year: Purchases of raw materials (15,000 yards at $15.10 per yard) $226,500 Raw materials used 13,500 yards Direct labor costs (9,700 hours at $9 per hour) $87,300 Units produced 12,000 units Standards per unit of product: Raw materials Direct labor 1 yards at $15 per yard 1 hour at $9.50 per hour uired: Compute each of the following items, showing all of your work. Indicate -ther favorable or unfavorable (16 points - 4 points each). > Compute the direct materials price variance. > Compute the direct materials quantity variance. > Compute the direct labor rate variance. > Compute the direct labor efficiency variance