A local manufacturingfirm constructs water tanks for suburban households. Budgeted costs for the company's basic water tank are as follows: Standard Usage Standard Price Direct Labour 2 hrs {per unit) 526 {per hr) Direct Material 9 lineal metres {per unit) 53 (per mt) Staff at the firm produced 50 tanks during the last month. Direct Labour was paid during the month was 3,031 with workers logging 90 direct labour hours. In making the 50 water tanks 508 lineal metres of direct materials was consumed which were purchased for $1,950. Calculate the total material and labourvariance for the past month. (Calculate and record your answer to the nearest even 3. Please note thatfavourable variances will be a negative amount and unfavourable variances will appear as a positive amount)