Consider the following data collected for Great Homes, Inc.: B (Click the icon to view the data table.) Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. First compute the price, efficiency, and flexible-budget variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Data table Efficiency variance Flexible-budget variance Direct Manufacturing Labor Direct Materials $ 216,000 $ 85,000 Costs incurred: Actual inputs x actual prices Actual inputs x standard prices Standard inputs allowed for actual output x standard prices 219,000 86,000 221,000 87,000