Consider the following data collected for Modern Homes, Inc.: (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 Efficiency variance Flexible-budget variance Now compute the price, efficiency, and flexible-budget variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Flexible-budget variance i Data Table Costs incurred: Actual inputs x actual prices Actual inputs x standard prices Standard inputs allowed for actual output * standard prices Direct Manufacturing Direct Materials $ 199,000 $ 92,000 206,000 91,000 208,000 83,000 Print Done