D Question 13 6 pts ABC Company reports the following information for the most recent period when 2,750 units were produced. Cost Standard Actual Materials 2 lbs. @ $5.00 per pound 7,000 pounds used: total cost = $34,650 Labor 0.50 hours @ $8.00 per hour 1,400 hours @ $7.95 per hour Indicate whether these variances are favorable or unfavorable. Direct materials efficiency (quantity or usage) variance. [ Select ] Direct labor spending variance. [ Select ] Direct labor price (rate) variance. [ Select ]