Direct manufacturing labor and direct materials variances, missing data. Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $176 per board. This includes 30 pounds of di-rect materials, at the budgeted price of $2 per pound, and 8 hours of direct manufacturing labor at the budgeted rate of $14.50 per hour. Following are additional data for the month of July: units pounds Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor- hours 5,300 200,000 $520,000.00 41,000 hours Actual direct labor cost Direct materials efficiency variance $610,900.00 $1,400.00 There were no beginning inventories. Requirement 1. Compute direct manufacturing labor variances for July. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Flexible-budget variance Requirement 2. Compute the actual pounds of direct materials used in production in July. a Begin by computing the number of pounds represented by the direct materials efficiency variance. b) Next compute the budgeted pounds allowed for the output achieved. c)Compute the actual pounds of direct materials used in production in July Formula: Pounds allowed - favorable direct materials efficiency variance(lbs) Requirement 3: Calculate the actual price per pound of direct materials purchased. Formula: Cost of direct materials purchased /direct material purchase(pounds) Requirement 4: Calculate the direct materials price variance