Paddle Itd manufactures all-wood canoes. Standard prices for materials and labour are as follows: \$30 per metre for wood and $32 per hour for direct labour. Each canoe is expected to use 30 hours of direct labour and 12 metres of pine wood. During July, Paddle Ltd produced 8 canoes, using a total of 100 metres of wood and 210 direct labour hours. The actual price that Paddle Ltd paid for wood was $3,200 for July's production. Actual direct labour cost for the month was $33 per hour. A. Calculate and label the price and efficiency variances for direct materials and direct labour (10 pts): Price Variance =(APSP)AQ Efficiency Variance =(AQSQ)$SP 1. direct materials price variance 2. direct materials efficiency variance 3. direct labour price variance 4. direct labour efficiency variance B. Interpret the variances in three brief bullet points. Do not restate the numeric variance results; instead Graw conclusions about what the variances mean. Were there any trade-offis that were worthwhile? Write no more than six words for each of the three bullet points. ONLY the first six words will be graded in each bullet point. Answers-MUST BE IN YOUR OWN WORDS. Use of Al-Benerated answers will receive zero grade (6 pts)