Damico, Inc. is a privatoly held fumture manuflacturer. For August 2080, Damice had the following standards for one of ils products, a wicker chair: (Cick the icon to view the standards per chair.) The following data were compled regarding actual performance: actual output units (chairs) produced, 2, 100; square yards of input purchased and used, 3,900; price per square yard, $5 30; dre manulacturing labor costs. $9,345; actuat hours of inpet, 890 ; labor price per hour, $10,50. Read the tequirements Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing laboc, Give a plausible explanation of iaby each variance occurred. Lers begin by desermining the formula used to calculate the actual costs of dinect masorials, then entor the amounts in fhe formula and calculate the cost: Data table