Part A: Company developed standard costs for direct material and direct labor. In 2020, estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted quantity Direct materials 0.10 pounds Budgeted price $30 per pound Direct labor 0.05 hours $15 per hour During June, produced and sold 5,000 containers using 490 pounds of direct materials at an average cost per pound of $32 and 250 direct manufacturing labor- hours at an average wage of $15.25 per hour. Instructions: 1. Compute the direct materials price variance. 2. Compute the direct manufacturing labor efficiency variance