Direct materials 3 square meters of inputs $ 5.40 per square meters. Direct manufacturing labour 0.5 hours of input at $ 10.50 per hours

Daley, Inc. is a privately held furniture manufacturer. For August 2017, Daley 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, 2,500, square metres of input purchased and used, 7,200; price per square metre, $5.60, direct manufacturing labour costs, $9,540; actual hours of input, 900, labour price per hour, $10.60. Required Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labour. Now compute the price and efficiency variances for direct materials and direct manufacturing labour. Label each variance as favourable (F) or unfavourable (U). Price Efficiency variances variances Direct materials Direct manufacturing labour