Wangsgard Manufacturing has the following standard cost sheet for one of its products: $10 Direct materials (2 ft. @ $5) Direct labor (0.5 hr. @ $10) Fixed overhead (0.5 hr. @ $2)* Variable overhead (0.5 hr. @ $4) Standard unit cost $18 *Rate based on expected activity of 2,500 hours. During the most recent year, the following actual results were recorded: 6,000 units Production Direct materials (11,750 ft. purchased and used) Direct labor (2.900 hrs.) Fixed overhead $61,100 $29,580 $6,000 Variable overhead $10,500 Required: Compute the following variances: 1. Materials price and usage variances. 2. Labor rate and efficiency variances