Woof Woof Inc manufactures heavy duty dog bowls. The standard amount of specialty plastic used for each dog bowl is 2 pounds. The standard price of the specialty plastic is $1.75 per pound. Last year, Woof Woof manufactured 4,000 dog bowls. Woof Woof had used 7,850 pounds of plastic for the 4,000 bowls manufactured. Woof Woof paid $15,700 for the 7,850 pounds of plastic. Determine the price variance, quantity variance, and overall variance. Explain what the variance indicate and what are the possible causes of the variances?