Coral Music manufactures harmonicas. Coral uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for February exist. Coral knows that the total direct labor variance for the month was $320 F and that the standard labor rate was $12 per hour. A recent pay cut caused a favorable labor rate variance of $0.70 per hour. The standard direct labor hours for actual February outputs were 5,300 Read the requirements Actual for actual output budget variance Direct labor hours Cost per hour Total direct labor cost Flexible budget variance Requirement 2. Compute the direct labor rate and officiency variances. Do those variances suggest that the manager may have made trade-offs? Explain. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL-Diect labor.) Begin by determining the formula for the price variance, then compute the price variance for direct labor ) = DL rate variance Now determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. DL elliciency variance