Can some one please do Letter E on 7 I have the answers. I just need help explaining why thank you! Please answer ASAP

7.(20 min, 15 pts) Basil Tooling uses a standard cost system to account for the costs of its one product. Standards are 4 sheets of 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 following variances: a. direct materials price variance b. direct materials quantity variance c. direct labor rate variance d. direct labor efficiency variance e. list 3 possible reasons for each 7a Direct Material Price variance 2540 G10-8279,409 - 268,840 = 610, 5.60 $10,560 favourable) ISM Quantity variance 76 (2400 - 25400 $15,400 $15, 400 unfavourable 7c Direct Labor rute variance 8770 (13) = 174,010 - 12,930 = $ 1080 $1080 favourable) 70 Direct Labor efficiency variance 600(14)={8400-8770)x13 = $4810 $4180 unfavourable