Complete requirement 1 and 2

is Question Help E7-25 (similar to) Dwyer, Inc. is a privately held furniture manufacturer For August 2014, Dwyer had the following standards for one of its products, a wicker chair Standards per Chair Direct materials 2 square yards of input at 5.30 per square yard 0.5 hour of input at s 10,30 per hour Direct manufacturing labor The following data were compiled regarding actual performance actual output units (chairs) produced 2.100 square yards of input purchased and used 3.800 price per square yard $5.40, direct manufacturing labor costs, $9.898. actual hours of input. 980; labor price per hour $10.10. Read the requirements Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor Give a plausible explanation of why each occurred. Let's begin determining the formula used to calculate the actual costs of drect mateials, then enter the amounts in the formula and calculate the cost Actual cost Direct materials