Direct Materials & Direct Labor Variances Standards (Budget) Direct Materials Direct Labor Price Standard: $ 2.10 per lb Rate Standard: $15 per hour Quantity Standard: 2 lbs per unit Efficiency Standard: 3 hours per unit Actual Actual Production Actual Materials Purchased Actual Cost Actual Materials Used 7,350 units 18,000 lbs $ 36,000 15,100 lbs Actual Direct Labor Hours 21,500 hrs Actual Direct Labor Cost $ 344,000 Required: Calculate the following variances: 1. Direct Materials Price Variance 2. Direct Materials Quantity Variance 3. Direct Labor Rate Variance 4. Direct Labor Efficiency Variance