Damico, Inc. is a privately held furniture manufacturer. For August 2020, Damico 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, 2,800 square yards of input purchased and used, 8,000; price per square yard, $5,60; direct manufacturing labc costs, $9,870; actual hours of input, 940; labor price per hour $10,50. Requirement 1: Compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materials Direct manufacturing labor Requirement 2. Suppose 10,500 square yards of materials were purchased (at $5.60 per square yard), even though only 8,000 square yards 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 direct materials price and efficiency variances under this scenario. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variance variance Direct materials Choose from any list or enter any number in the input fields and then continue to the next question 2 Damico, Inc. is a privately held furniture manufacturer. For August 2020, Damico 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, 2,800 square yards of input purchased and used, 8,000; price per square yard, $5,60; direct manufacturing labc costs, $9,870; actual hours of input, 940; labor price per hour $10,50. Requirement 1: Compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materials Direct manufacturing labor Requirement 2. Suppose 10,500 square yards of materials were purchased (at $5.60 per square yard), even though only 8,000 square yards 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 direct materials price and efficiency variances under this scenario. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variance variance Direct materials Choose from any list or enter any number in the input fields and then continue to the next question 2