8-B2 Material and Labor Variances Consider the following data for Tripp Manufacturing: Direct Materials Direct Labor Actual price per unit of input (tb and hr) $ 7.50 $ 12.00 Standard price per unit of input $ 7.00 $ 14.00 Standard inputs allowed per unit of output 10 2 Actual units of input 116,000 29,000 Actual units of output (product) 14,400 14,400 1. Compute the price, quantity, and flexible-budget variances for direct materials and direct labor. Use U or F to indicate whether the variances are unfavorable or favorable. 2. Prepare a plausible explanation for the performance.