DIRECT COST VARIANCES Data: Smith Company has the following standards to produce one unit of finished product. Direct materials: 3 pounds at $4 per pound Direct Libor: 4 hours at $20 per hour The Smith Company produced 5,000 products during the period. Direct material used in production equals 14,800 lbs. The direct labor workers worked 20,300 hours, Required: Calculate the direct material quantity variance and the direct labor efficiency variance. Indicate it each is favorable or unfavorable Submit your solutions in the box in Canvas or submit a Word file in Canvas