Riggins, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Riggins estimated 9,500 tybos would be produced in March. Riggins has established the following material and labor standards to produce one tybo:

_________________________Standard Quantity Standard Price

Direct materials........................2.5 pounds..................$3 per pound

Direct labor...............................0.6 hours...................$10 per hour

During March 2013, the following activity was recorded by the company relating to the production of tybos:

1. The company produced 9,000 units during the month.

2. A total of 24,000 pounds of materials were purchased at a cost of $66,000.

3. A total of 24,000 pounds of materials were used in production.

4. 5,000 hours of labor were incurred during the month at a total wage cost of $55,000.

Requirements:

Calculate the following variances for March for Riggins, Inc.

a. Materials price variance

b. Materials quantity variance

c. Labor price variance

d. Labor quantity variance