New Jersey Valve Company manufactured 7,600 units during January of a control valve used by milk processors in its Camden plant. Records indicated the following: Direct labor 46,800 hr. at $15.20 per hr. Direct material purchased 29,000 lb. at $2.40 per lb. Direct material used 28,300 lb. The control valve has the following standard prime costs: Direct material 4 lb. at $2.30 per lb. $ 9.20 Direct labor 6 hr. at $15.60 per hr. 93.60 Standard prime cost per unit $ 102.80 Required: For the month of January, compute the following variances. direct materials price variance direct materials quantity variance direct labor rate variance direct labor efficiency variance