Alpha Sports company manufactures high quality sports products. Products are sold in the local and international markets. The company uses a well$-$established standard costing system to control costs. One of the products of Alpha Sports is a cricket bat. The standard requirements to manufacture one bat are as follows:$$ Direct Materials: $5$ Feet wood @ $0\mathrm{.}60$ per foot$$ Direct Labor: $1\mathrm{.}2$ hour @ R$14$ per hour$$ During the last month, Alpha manufactured $4000$ cricket bats. $50000$ feet wood was purchased @ $0\mathrm{.}56$per foot. $20000$ feet wood was in stock at the end of the month. $6400$ direct labor hours were worked @ R$15$ per hour.$$ Compute for the direct materials price and quantity variances.$$ Compute direct labor rate and efficiency variances.$$ Explain the significance and possible causes of each variance.$$