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Vaughn Company uses standard costing and recognizes all variances as soon as they are known. In the year just ended, Vaughn debited the DM Inventory account for $554,600 when it purchased DM on account. It fur ther credited DM Inventory for $486,685 when it transferred materials into production, while debiting WIP Inventory for $535,800 to recognize the standard DM cost of these units produced. The company accrued $817,950 in wages to its production workers for this period' 554,530 hours of work. Also known by the end of the year were the following two variances; the DM price variance was $17.700 unfavorable, and the DL flexible budget variance was $19,950 unfavorable. Par tial information on the company's DM and DL standards are reproduced here: DirectmaterialsDirectlabor6pounds/unit3hours/unit$4.70/pound$thour Recreate Vaughn Company's variance analysis for DM and DL to determine the following variances: (1) DM efficiency variance, (2) DL price variance, and (3) DL efficiency variance. DMefficiency variance DL price variance DL efficiency variance Vaughn Company uses standard costing and recognizes all variances as soon as they are known. In the year just ended, Vaughn debited the DM Inventory account for $554,600 when it purchased DM on account. It fur ther credited DM Inventory for $486,685 when it transferred materials into production, while debiting WIP Inventory for $535,800 to recognize the standard DM cost of these units produced. The company accrued $817,950 in wages to its production workers for this period' 554,530 hours of work. Also known by the end of the year were the following two variances; the DM price variance was $17.700 unfavorable, and the DL flexible budget variance was $19,950 unfavorable. Par tial information on the company's DM and DL standards are reproduced here: DirectmaterialsDirectlabor6pounds/unit3hours/unit$4.70/pound$thour Recreate Vaughn Company's variance analysis for DM and DL to determine the following variances: (1) DM efficiency variance, (2) DL price variance, and (3) DL efficiency variance. DMefficiency variance DL price variance DL efficiency variance