Gemini Incorporated provides the following standard cost data for one of its products:

Direct materials.

5 pounds at $\$ 4.25$ per pound Direct labor 2 hours at $\$ 6.00$ per hour During the month of August, the following actual cost data was accumulated:

Materials purchased 16,000 pounds at $\$ 4.15$ per pound Materials used 14,500 pounds Direct labor incurred 6,450 hours at a total cost of $\$ 38,571$

Units produced 3,150 units Required: Compute the following variances:

1. Materials price variance (this variance is computed at the time of purchase)

2. Materials quantity variance 3. Labor rate variance 4. Labor efficiency variance