Baron Lid makes a commercial cleaning compound known as Loomp. The direct materials and direct labour standards for one unit of Loomp follow Standand Quantity Standard Price or Standard Cost or hour Flute Direct materials $5 50 per be $1155 Direct Labour 0.2 hour 12.00 per hour 2.40 During the most recent month, the following activity was recorded a. 9.000 kg of materials were purchased at a cost of $5. 20 porkg b. All of the material purchased was used to produce 4,000 units of Loomp c. A total of 750 hours of direct labour time was recorded of a total labe ir cost of $10,425 Required: 1 Compute the direct materials price and quantity variances for the month and amplain in details what was happening to the business 2: Compute the direct labour rate and efficiency variances for the month and explain in details what was happening to the business