Answer:
Particulars               Standard                           Actual
                       Qty     Rate   Amount       Qty      Rate   Amount
Materials     2,000     26     52,000      2,200     24       52,800
Labor          1,000       14     14,000       1,050     14.75    15,487.50
Actual output                                   10,000.00    
Materials required (10000*0.20) = 2,000.00
Labor hrs required (10000*0.1) =    1,000.00
1. May's direct material price variance
= (SP-AP)*AQ
= (26 - 24*)2200  
= 4,400 F      
2. May's direct material quantity variance
= (SQ-AQ)*SP  
= (2,000 - 2,200)*26
= 5,200 U
3. May's direct labor cost variance
= Standard Cost - Actual Cost
= 14,000 - 15,487.50
= 1,487.50 U
4. May's direct labor rate variance
= (SR-AR)*AH  
= (14 - 14.75)*1,050
= 787.50 U
5. May's direct labor efficiency variance
= (SH-AH)*SR
= (1,000 - 1,050)*14
= 700 U