Westvaco Inc. provides the following standard cost data for one of its products:

Direct materials 5 pounds at $ 5.00 per pound

Direct labor 2 hours at $10.00 per hour

During the month of July, the following actual cost data was accumulated:

Materials purchased 14,500 pounds at $ 5.30

Materials used 14,500 pounds

Direct labor incurred 5,700 hours at a total cost of $ 58,710

Units produced 3,000 units

REQUIRED: Compute the following variances

1. Direct materials price variance
2. Direct materials quantity variance
3. Direct labor rate variance
4. Direct labor efficiency variance