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XYZ Manufacturing produces mobile plastic computer carts. For the mondard cost system. 2022, the company had budgeted to produce 800 carts based on a standard cost deluxe cart: The following budgeted unit amounts were established for the Direct Material per cart: 20 square meters (m2) $19 per square meter Direct Labor per cart 2.5 hours $28 per hour As of December 1 , there was no inventory of direct material. Work-in-Process inventories were insignificant throughout the month. The actual results for December 2022 were as follows: Direct Materials used: (14,700m2) Direct Materials purchased (17,000m2) at $357,000 Direct Labor (2500 hours @ $27 per hour) at $67,500 The actual production for December 2022 was 790 carts. Assume that a constant purchase price for the direct materials existed in December 2022, and that all variances are identified as soon as possible. -There are 2 parts to this question below. 1. Compute the rate and efficiency variances for direct materials for the month of December. Please Required: state if variances are favourable or unfavourable. (5 Marks) 2. Compute the rate and efficiency variances for direct labor for the month of December. Please state if variances are favourable or unfavourable. (4 Marks)