Carol May, Inc. designs and manufactures fleece quarter$-$zip jackets. It sells its jackets to brand$-$name outdoor outfitters in lots of one dozen. Carol May's May static budget and actual results for direct inputs are as follows:

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Part $1$

Requirement $1.$ Calculate the direct materials and direct manufacturing labour price and efficiency variances in May. What is the total flexible$-$budget variance for both inputs $($direct materials and direct manufacturing labour$)$ combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labour in the flexible budget?

Begin by calculating the direct materials and direct manufacturing labour price and efficiency variances in May. Complete the actual results, price variance, and cost columns, and then the efficiency variance and flexible budget columns. Label each variance as favourable or unfavourable. $($Round all answers to the nearest cent.$)$

May

Actual

Results

Price

Variance

Actual Input Qty

Budgeted Price

Efficiency

Variance

Flexible Budget

Units

Direct materials

Direct labour

Total variance

Static Budget

Number of jacket lots $(1$ lot $=1$ dozen$)$

$450$

Per Lot of Jackets:

Direct materials

$11$ metres at $$1\mathrm{.}60$ per metre $=$ $$17\mathrm{.}60$

Direct manufacturing labour

$2\mathrm{.}3$ hours at $$7\mathrm{.}60$ per hour $=$ $$17\mathrm{.}48$

Actual Results

Number of jacket lots sold

$475$

Total Direct Inputs:

Direct materials

$6,175$ metres at $$1\mathrm{.}80$ per metre $=$ $$11,115\mathrm{.}00$

Direct manufacturing labour

$998$ hours at $$7\mathrm{.}70$ per hour $=$ $$7,684\mathrm{.}60$