18. (15 points) Bello Company produces chairs and has determined the following direct cost categories and budgeted amounts: Budget Inputs Budget Cost Category per unit per input Direct Materials 3.20 lbs. $7.50 per Ib. Direct Labor 4.0 hours $15.00 per hr. Budgeted output 4,500 units Actual performance for the company is shown below: Actual output: (in units) 4,000 Direct Materials (DM): DM pounds purchased and used 11,700 Actual price per pound $8.25 Direct Manufacturing Labor (DL): Actual DL price per hour $15.85 Actual DL cost $268,816 a. Calculate the direct materials price, efficiency and flexible budget variances b. Provide a possible cause or driver for the direct materials price variance. Be specific. C. Calculate the direct labor price, efficiency, and flexible budget variances