Drogheda Chemical adopts a continuous improvement approach to setting monthly standards' costs. Assume the direct materials standard quantity input of 10 kg per output unit and the direct manufacturing labour quantity input of 0.5 hours per output unit pertain to January 2015. The standard amounts for February 2015 are 0.997 of the January standard amount. The standard amounts for March 2015 are 0.997 of the February standard amount. Assume the same information for March 2015 as in Exercise 15.18 except for these revised standard amounts.
Required
Calculate the March 2015 price and efficiency variances of direct materials and direct manufacturing labour.