Variance Analysis (Material and Labor): Calculate the material price variance, material quantity variance, labor rate variance, and labor efficiency variance for a manufacturing company using the following data:

• Actual Material Price: $12 per unit
• Standard Material Price: $10 per unit
• Actual Material Quantity: 8,000 units
• Standard Material Quantity: 7,500 units
• Actual Labor Rate: $18 per hour
• Standard Labor Rate: $16 per hour
• Actual Hours Worked: 6,000 hours
• Standard Hours Allowed: 5,500 hours