Data table Requirements 1. Compute direct manufacturing labor variances for July. 2. Compute the actual pounds of direct materials used in production in July. 3. Calculate the actual price per pound of direct materials purchased. 4. Calculate the direct materials price variance. hours of direct manufacturing labor, at the budgeted rate of $14.10 per hour. Following are additional data for the month of July: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute direct manufacturing labor variances for July. Label each variance as favorable (F) or unfavorable (U). Requirement 2. Compute the actual pounds of direct materials used in production in July. Begin by computing the number of pounds represented by the direct materials efficiency variance. Determine the formula, then complete the computation. Next, compute the budgeted pounds allowed for the output achieved. Determine the formula, then complete the computation. Determine the formula to compute the actual pounds of direct materials used in production in July. Requirement 4. Calculate the direct materials price variance. Price variance