Variance Analysis P9-A Onion Company manufactures a product known as Teardrops. Standard Costs for Direct Materials and Direct Labor (budget for one unit) Standard Standard Quantity Price Standard or Hours or Rate Cost Direct Materials 3.0 pounds X $ 4.00 $12.00 Direct labor 4.0 hours $14.00 56.00 The following actual data resulted in the production of 6,000 units: a) Materials purchased 19,000 pounds at a cost of $4.20 per pound. All of the materials were used. b) Worked 23,000 direct labor hours at a total cost of $333,500. Compute the following: Material price variance Material quantity variance Labor rate variance Labor efficiency variance