Exercise 16-36 variable cost variances (lo 16-5)the records of norton, inc. show the following for july: standard labor-hours allowed per unit of output 1.2 standard variable overhead rate per standard direct labor-hour $ 45 good units produced 60,000 actual direct labor-hours worked 73,600 actual total direct labor $ 2,370,000 direct labor efficiency variance $ 48,000 uactual variable overhead $ 3,072,000 required: compute the direct labor and variable overhead price and efficiency variances. (do not round intermediate calculations. indicate the effect of each variance by selecting "f" for favorable, or "u" for unfavorable. if there is no effect, do not select either option.)i figured out the variable overhead but i am struggling with direct labor. i need a good explanation. direct labor: price variance efficency variance variable overhead: price variance efficency variance