Question 12 (8 points) Smarty Pants Company makes a product called "S". The standard cost card for one unit of "S" follows: Required: 1. Calculate the direct materials price variance and the direct materials efficiency/quantify variance. And indicate if each variance is Favourable or Unfavourable. Show all your work. b. Calculate the direct labour price variance and the direct labour efficiency variance. Identify if each variance is Eavourable or Unfavourable. Show your work. 6. The boss was really happy because the total actual costs for materials and labour were lower than budgeted costs (i.e. $22,000 ). How would you respond to the boss. Be as brief as possible