accounting please help i do not know how to start this

[musaxxxx]

Tiger, Inc., has developed the following standard cost data based on 60,000 direct labor hours, which is 75% of capacity
Per Unit
Direct materials (6 lbs. @ $2.00/lb.) $12.00
Direct labor (1 hr. @ $8.00) 8.00
During the last period, the company operated at 80% of capacity and produced 128,000 units. Actual costs were:
Direct materials (760,000 lbs.) $1,558,000
Direct labor (126,000 hrs.) 1,014,300
Determine the direct materials price and quantity variances and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. Show how you calculated your answer.
Direct materials:
Price variance _______________
Quantity variance _______________
Direct labor:
Rate variance _______________
Efficiency variance _______________

 

[Deleted member 4993]

Tiger, Inc., has developed the following standard cost data based on 60,000 direct labor hours, which is 75% of capacity
Per Unit
Direct materials (6 lbs. @ $2.00/lb.) $12.00
Direct labor (1 hr. @ $8.00) 8.00
During the last period, the company operated at 80% of capacity and produced 128,000 units. Actual costs were:
Direct materials (760,000 lbs.) $1,558,000
Direct labor (126,000 hrs.) 1,014,300
Determine the direct materials price and quantity variances and the direct labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. Show how you calculated your answer.
Direct materials:
Price variance _______________
Quantity variance _______________
Direct labor:
Rate variance _______________
Efficiency variance _______________

Since you do not know where to start - we will start with "knowing the definitions":

Please define for us:

Price variance

Quantity variance

Direct labor:

Rate variance

Efficiency variance

These should be in your text-book or class-notes. If not try Google. Then please let us know what you found.