Smithson, Inc., manufactures lead crystal glasses. Smithson's managers recently calculated the following: Variances after completing production of 7, 100 glasses: Direct materials price variance $923 U Direct materials efficiency variance $1, 278 U Variances after completing production of 6, 800 glasses: Direct labor price variance $2, 267 F Direct labor efficiency variance $8, 505 U Requirements For each variance, who in Smithson's organization is most likely responsible? Interpret the direct materials and direct labor variances for Smithson's management. Requirement For each of the following variances, who in the organization is most likely responsible? Materials price variance _____ Materials efficiency variance ______ Labor price variance ______ Labor efficiency variance