A chair company set the following standards: Wood per chair: 7.5 feet. Cost per foot: $4.25. In June, it manufactured 20,000 chairs. The company purchased and used 300,000 feet of wood for $3.42 per...

A chair company set the following standards:  Wood per chair:  7.5 feet.  Cost per foot:  $4.25.  In June, it manufactured 20,000 chairs. The company purchased and used 300,000 feet of wood for $3.42 per foot.  Calculate the materials price and efficiency variances.