Lounge Co. produces hammocks and has determined the following direct cost categories and budgeted amounts: Standard inputs for Standard cost for one unit of output one unit of input Direct materials 1.00 $5.00 Direct labour 0.30 10.00 Actual performance for the company is shown below: Actual output (in units): 3,795 Materials costs $18,690 Inputs purchased and used 3,560 Actual price per input $5.25 Direct labour: Labour costs $11,865 Labour hours of input 1,130 Actual price per hour $10.50 Required (SHOW YOUR WORK) Calculate the following: Rate, and efficiency variances for direct material Rate, and efficiency variances for direct labour