Best, Inc. produced 1.000 units of the company's product in 2024 . The standard quantify of direct materials was three yards of cloth per unit at a standard cast of $140 per yard The accounting records showed that 2,900 yards of cloth were used and the company paid $1.45 per yard Standard time was wo direct labor hours per unit at a standard rate of $1650 per direct labor hour Employees worked 1,300 hours and were paid $15.00 per hour Read the requirements Decrease accounting costs Requirement 2. Calculate the direct materials cost variance and the direct materials efficlency variance as well as the drect labor cost and efficlency variances Beg'in with the cost variances. Select the required formulas compute the cost variances for direct materials and direct labor, and identify whechor each variance is favorable (F) ot: Select the required formulas, compute the efficiency variances for direct materiais and direct labor and isenty whether each vaviance is faverablio (F) or untancrable (4)