1) what is the material flexible budget variance? 2) what is the material price variance? 3) What is the material efficiency variance? 4) labor efficiency variance? 5) labor rate variance? 6) labor flexible budget variance?

Consider the following data regarding the manufacture of a line of tables: Actual price per unit of input (board feet and hours) Standard inputs allowed per unit of output Standard price per unit of input $12 Actual units of input Direct Materials $14 Required: 5 48,000 Actual units of output (product) 10,000 Direct Labor $9 $10 2 22,000 10,000 (a) Compute for the price, efficiency, and flexible-budget variances for direct materials and direct labor. Use U or F to indicate whether the variances are unfavorable or favorable. (b) What type of data would the production manager probably watch most closely on a day-to- day basis?