Data: Baker Company has the following standards to produce one unit of finished product. Direct materials: 2 pounds at $5 per pound Direct Labor: 3 hours at $20 per hour The Baker Company produced 4,000 products during the period. Direct material used in production equals 8,300 lbs. The direct labor workers worked 11,800 hours. Required: Calculate the direct material quantity variance and the direct labor efficiency variance. Indicate if each is favorable or unfavorable.