E24-6 Forever Frames, which uses a standard cost accounting system, manufactured 400,000 picture frames during the year, using 1.350,000 board feet of lumber purchased at $1.55 per foot. Production required 9,500 direct labor hours that cost $12.00 per hour. The materials standard was 3 board feet of lumber per frame, at a standard cost of $1.70 per foot. The labor standard was 0.025 direct labor hour per frame, at a standard cost of $11.50 per hour. Compute the price and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Forever Frames' managers have been making tradeoffs? Explain.