Daley, Inc. is a privately held fumure manufacturer. For August 2020, Daley had the following standards for one of its products, a wicker Chair Click the icon to view the standards per chair) The following data were compiled regarding performance actual units (chairs) produced, 2,000 square yards of input purchased and used, 3.600 price per square yard, $5.40, direct matching labor costs, $10.612 hours of input, 900, labor price per hour, 510.90 Requirement 1: Compute the price and efficiency variance for direct materials and direct manducting bor Label each variance as twee ) or untuvorable (U) Price Emiciency variances variances Direct materials Direct manufacturing labor Requirement 2. Suppose 6,100 square yards of materials were purchased (ot $5.40 per square yard), even though only 3.600 square yards were used. Suppose turner that variances are dested at their most timely control point accordingly. direct materials price variances welated and traced at the time of purchase to the purchasing department rather than to the production department Compute the direct material price and efficiency variances under this scenario. Labelcach variance as favorable (F) or unfavorable (U) Price Emiciency Data Table variance variance Direct materials Standards per Chair Direct materials 2 square yards of input $5.30 per square yard Direct manufacturing lobor 05 hour of input at $10.70 per hour Print Done Direct materials Standards per Chair 2 square yards of input at $5.30 per square yard 0.5 hour of input at $10.70 per hour Direct manufacturing labor Print Done