Sweetings Company produced 7,000 backpacks in June and the ACTUAL amounts were as follows: Direct materials (cloth) 7,400 yards @ $2 per yard Direct labor 2,740 hours @ $10 per hour Variable overhead $5,400 Fixed overhead $11,900 Sweetings STANDARDS were as follows: Direct materials (cloth) 1 yard per backpack @ $2 per yard Direct labor 0.40 direct labor hours per backpack @ $10.50 per direct labor hour Variable overhead 0.40 direct labor hours per backpack @ $2.00 per direct labor hour Fixed overhead $9,600 (0.40 direct labor hours per backpack @ $3 per direct labor hours) Calculate the following variances. Show your work to receive partial credit for any incorrect answers. 1. Cost variance: Direct Materials 2. Efficiency variance: Direct Materials 3