as follows: (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirements. Data table More info Carol Lou has a policy of analyzing all input variances when they add up to more than 8% of the total cost of materials and labor in the flexible budget, and this is true in May 2020. The production manager discusses the sources of the variances: "A new type of material was purchased in May. This led to faster cutting and sewing, but the workers used more material than usual as they learned to work with it. For now, the standards are fine." total cost of direct materials and direct manufacturing labor in the flexible budget? unfavorable. (Round all answers to the nearest cent.) The total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined is This variance is % of the total cost of direct materials and direct manufacturing labor in the flexible budget. (Round the variance to the nearest cent and the percentage to two decimal places, X.XX%.) Requirement 2. Comment on the May 2020 results. Would you continue the "experiment" of using the new material? to re-examine the standard material price since the new material costs more than the old Making this change to the cost accounting system is complex and very expensive