The kitchen of Sydneys Deluxe Hotel makes large meat pies for sale in one of the hotels restaurants and also to a local meat pie retailer. It makes the pastry and also the meat sauce that goes into the pies. The budgeted direct cost of a pie is $2.80, made up as follows: 0.5 kg of meat $1.50 100 grams of pastry $0.10 6 minutes of labour $1.20 Per unit budgeted standard direct cost $2.80 During June, 2,600 pies were made at the following cost: 1,400 kgs of meat used at a cost of: $3,990 270 kgs of pastry used at a cost of: $300 280 direct labour hours worked at a cost of: $4,060 Required: Calculate the meat price and efficiency variances. Indicate whether each variance is favourable or unfavourable. Calculate the pastry price and efficiency variances. Indicate whether each variance is favourable or unfavourable. Calculate the direct labour price and efficiency variances. Indicate whether each variance is favourable or unfavourable. Do you see any potential shortcomings arising if significant importance is attached to achieving favourable meat price variances?