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Maki, Inc. manufactures a product that has the following standard costs: $108 Direct materials: 40 yards at $2.70 per yard Direct labor: 8 hours at $18.00 per hour Total 144 $252 The following information pertains to July: Direct material purchased: 42,500 yards at $2.78 per yard, or $118,150 Direct material used: 36,000 yards Direct labor: 7,500 hours at $18.30 per hour, or $137,250 Actual completed production: 1,050 units Assume that the company computes variances at the earliest point in time. Required: Calculate the direct-material price and quantity variances, and the direct- labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable