Carol Lou, Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor Outfitters in lots of one dozen. Carol Lou's May 2017 static budget and actual results for direct inputs are as follows: E (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cont.) Actual Results Price Variance Actual Input Qty x Budgeted Price May 2017 Units Direct materials Direct labor Total variance Choose from any list or enter any number in the input fields and then click Chart Anew Static Budget Number of jacket lots (1 lot = 1 dozen) Per Lot of Jackets: 600 14 yards at $1.30 per yard = $18.20 1.5 hours at $7.70 per hour = $11.55 Direct materials Direct manufacturing labor Actual Results Number of jacket lots sold Total Direct Inputs: 625 Direct materials Direct manufacturing labor 10,000 yards at $1.50 per yard = $15,000.00 813 hours at $7.80 per hour = $6,341.40 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 2017. 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." 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? 2. Comment on the May 2017 results. Would you continue the "experiment" of using the new material