Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are 4 sheets of W-inch steel at $110 per sheet and 14 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 600 units. Materials purchased and used totaled 2,540 sheets at a total cost of $268,850, Payroll totaled $112,930 for 8,770 hours worked. Calculate the 1. direct materials price variance. 2. direct materiais quantity variance. 3. direct labor rate variance. 4. direct labor efficiency variance