Dawson, inc is a privately held fumture manufacturer. For August 2020, Dawson had the folowing standards for one of its products, a wicker chair: (Cick the icon to view the standards per chair) The following dsta were compled regarding actual pertomance. actual output units (chairs) produced, 2.200 , square yards of input purchased and used, 6.200 ; pnce per square yard, 35 . 70 , direct manufacturing labor cosss, $9,844; actual hours of input, 920 ; labor price per hour, $10,70. Read the requirements Requirement 1. Show computatons of price and eficiency variances for drect materials and direct manulacturing labor. Give a plaus ble explanvion of why each variance ocourted Lers begin by determining the formula used to calculate the actual costs of direct materials, then enter the amouns in the formila and calcalate the cost Data table Requirements 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. 2. Suppose 8,700 square yards of materials were purchased (at $5.70 per square yard), even though only 6,200 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 price and efficiency variances under this approach