Baker Company has the following standards to produce one unit of finished product. Direct materials: 4 pounds at $5 per pound Direct Labor: 3 hours at $15 per hour The Baker Company produced 3,000 products during the period. Direct material used in production equals 11,800 lbs. The direct labor workers worked 9,300 hours. Required: Calculate the direct material quantity variance and the direct labor efficiency variance. Indicate if each