Tarantaise 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 cowboy boots, the Clint: Direct materials (2.4 m2 x $15.00 per m2) $36.00 Direct labor (3.6 hours * $25.00 per hour) $90.00 Manufacturing overhead: Variable (2 hours * $7.50 per hour) $15.00 Fixed (2 hours * $11.25 per hour) $22.50 $37.50 Total cost per hat $163.50 Data for June, 2020 includes the following: . Actual production was 18,500 pairs. . Actual direct materials purchased and used was 48,600 m2 per hat at a cost of $704700 . Actual direct labor usage of 69,690 hours cost $1,637,715 . Total actual overhead cost was $1,387,500 Required: 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