3 Beacon Novelties manufactures frisbees that it sells to other companies for customizing with their own logos Beacon prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a frisbee is based on stanie budget volume of 60,000 frisbees per month: 06 .60 Direct Materials ( 2AED 30 per lb.) Direct Labor (4 mins. AED 15 per min.) Manufacturing Overhead: Variable (4 mins. AED 07 per min.) Fixed (4 mins. AED 16 per min.) Total cost per unit 28 .64 92 AED 1.58 Ach cost and production information for June 2019 follows: a. There were no beginning or ending inventory balances. All expenditures were on account. b. Actual pr duction and sales were 62,000 frisbees CActual direct materials usage was 10,000 lbs at an actual cost of AED 0.24 per lb. dActual direct labor usage was 208,000 minutes at a total cost of AED 37,440. e Actual overhead cost was AED 8,000 variable and AED 30,000 fixed. f.Selling and administrative costs were AED 130,000, Requirements: (10 Points) 1. Compute the cost variance for direct materials (3 Points) 2. Compute the efficiency variance for direct materials (2 Points) 3. Compute the cost variance for direct labor (3 Points) 4. Compute the efficiency variance for direct labor (2 Points)