Budgeted and actual information for the current month for the manufacture of the finished product and the purchase and use of the direct materials is...

Budgeted and actual information for the current month for the manufacture of the finished product and the purchase and use of the direct materials is also presented. Standard cost for direct materials: 1.60 lbs. @ $2.50 per lb. Required: i. What is direct materials price variance for the current month? Ii. What is direct material efficiency variance for the current month?