4. Consider the following data for a manufacturing company: Direct Materials Direct Labor Actual price per unit of input $7.70/lb $12.00/hr Standard price per unit of input $7.00/lb 12.75/hr Standard input allowed per unit of product 10 lb 2 hr Actual units of input Budgeted units of product to be made Compute the price, quantity, and flexible-budget variances for: 115,000lb 30,000hr 14,400 14,400 a) Direct materials. b) Direct labor