Cassidy Brewery is one of the many new craft beer ventures that have been launched. There is competition for the available supply of hops, which is especially true of the organic varieties. Cassidy Brewery uses standards to track its costs. For their Hopalong label, their standard for hops is 2 pounds per barrel, and their standard rate for hops is $40.00 per pound. Cassidy produced 1,200 barrels of their Hopalong beer using 2,830 pounds of hops. The hops cost $42.00 per pound. Compute the amount of the rate variance and the efficiency variance for the total quantity produced and indicate whether the variances are favorable or unfavorable. For partial credit, include supporting calculations in your response