Tarantaise Corp. manufactures hand stitched cowboy and cowgirl boots. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The following standard unit cost of its most popular style of cowgirl boots, the Belle: Direct materials (2.0 m2 x $17.50 per m2) $35.00 Direct labor (4.0 hours x $25.00 per hour) $100.00 Manufacturing overhead: Variable (1.8 hours x $7.50 per hour) $13.50 Fixed (1.8 hours x $11.25 per hour) $20.25 $33.75 Total cost per hat $168.75 Data for June, 2020 includes the following: . Actual production was 16,666 pairs. . Actual direct materials purchased and used was 31,500 m2 per hat at a cost of $571,500 . Actual direct labor usage of 65,500 hours cost $1,725,000 . Total actual overhead cost was $997,500Required: 1. Compute the price and efficiency variances for direct materials and direct labor. 2. Does it look like Tarantaise made trade-offs between price and efficiency in June? If so, were they successful? Explain your