The Following Information Describes Production Activities of the Midtown Corp

The following information describes production activities of the Midtown Corp.:
$\begin{array}{|l|l|} \hline\text { Raw materials used } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 16,000 \mathrm{lbs} . \text { at } \$ 4.05 \text { per } \mathrm{lb} . \\\hline& \text { 5,545 hours for a total of }\\ \text { Factory payroll .................... } &\$72,085\\\hline\end{array}$
30,000 units were completed during the year
Budgeted standards for each unit produced:
1/2 lb. of raw material at $4.15 per lb.
10 minutes of direct labor at $12.50 per hour
Compute the direct materials price and quantity and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.