Daley, Inc. is a privately held furniture manufacturer. For August 2017, 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 actual performance actual output units (chairs) produced, 2,500, square metres of input purchased and used, 7,200 price per square metre, $5.60, direct manufacturing labour costs, $9,540; actual hours of input, 900; labour price per hour, $10.60 Required Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labour. Now compute the price and efficiency variances for direct materials and direct manufacturing labour. Label each variance as favourable (F) or unfavourable (U). Price Efficiency variances variances Direct materials Direct manufacturing labour Choose from any list or enter any number in the input fields and then continue to the next question. Data Table I Standards per Chair per square 3 square metres of input at $ 5.40 metre Direct materials Direct manufacturing labour 0.5 hour of input at $ 10.50 per hour Print Done ter any number in the input fields and then continue to the next question. Requirement 2. Suppose 9,700 square metres of materials were purchased (at $5.60 per square metre), even though only 7,200 square metres were used. Suppose further that variances are identified at their most timely control point, accordingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Compute the price and efficiency variances under this approach. Now compute the direct materials price and efficiency variances. Label each variance as favourable (F) or unfavourable (U). Price Efficiency variance variance Direct materials