XYZ Corp. uses a standard cost system and has established the following

standard quantity Standard price

direct materials 10 pounds $2.60/pound

Direct labor .25 hour $10 per pound

Standard cost $26 + 2.50 = 28.50

During November , the company purchased 240,000 pounds of material at a total cost of $ 588,000. The total factory wages for October were 49,000. During November, 21,000 units of product were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material quantity and price variances are recorded when materials are used.

A. Compute the material quantity and labor efficiency variances

B. Compute the material price and labor rate variances