Banner Company manufactures flags of various countries. Each flag has a standard of 8 square feet of fabric and 3 hours of direct labor time. Information about recent production activity follows: Actual cost of fabric: $4.50 per square foot Fabric consumed: 32,080 square feet Standard price per square foot of fabric: $4.25 Standard direct labor rate: $10.00 per hour Actual direct labor rate: $10.20 per hour Actual labor hours worked: 11,940 Actual production completed: 4,000 flags .Compute the materials price variance and the materials quantity variance.Compute the labor rate variance and the labor efficiency variance.