5. Nanook Inc manufactures curtains. A certain window curtain requires the following: Direct materials standard 10 square yards at $5 per yard Direct manufacturing labor standard 5 hours at $10 During the second quarter, the company made 1,500 curtains and used 14,000 square yards of fabric costing $72,000. Direct labor totaled 7,600 hours for $83,600. Required: (5 points) a. Compute the direct materials price, efficiency variances for the quarter, and total direct materials variance. b. Compute the direct manufacturing labor price, efficiency variances for the quarter, and total direct labor variance. BONUS: Provide a possible reason for each of the variances