Variance Analysis (Material and Labor): Calculate the material price variance, material quantity variance, labor rate variance, and labor efficiency variance for Ford Motor Company, using the following data:

• Actual Material Price: $20 per unit
• Standard Material Price: $18 per unit
• Actual Material Quantity: 10,000 units
• Standard Material Quantity: 9,500 units
• Actual Labor Rate: $25 per hour
• Standard Labor Rate: $22 per hour
• Actual Hours Worked: 8,000 hours
• Standard Hours Allowed: 7,500 hours