Consider the following data collected for Country Homes Inc.: Direct Direct Materials Manufacturing Labor Costs incurred: Actual inputs x actual prices 199,000 S 204,000 94,000 93,000 Actual inputs x standard prices Standard inputs allowed for actual output x standard prices 217,000 78,000 Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor 1st step looks like this. First compute the price, efficiency, and flexible-budget variances for direct materials. Label each variance as favorable (F) or unfavorable (U) Price variance Efficiency variance Flexible-budget variance