Question 3 (10 points) Tasmania Limited produces high-quality leather boots. The company has a standard cost system and has set the following standards for materials and labour: Leather (12 strips @ $15) $180 Direct labour (5 hours @ $10) $50 During the year, Brisbane produced 130 pairs of boots. Actual leather purchased was 1500 strips, at $16 per strip. There were no beginning or ending inventories of leather. Actual direct labour was 700 hours at $12.5 per hour. Calculate the labour rate variance and the labour efficiency variance, respectively.