Draper, Inc, is a privatoly held furniture manufacturer. For August 2017, Draper had the following standards for one of its products, a wicker chair: (Click the icon to view the standarts per chair.) The folowing data were compiled regarding actual perfomance: achual output units (chairs) produced, 2,100; square yards of input purchased and used, 3,900; price per square yavd $5.20; direct manutacturing labor conts, $10,137, actual hours of inpu, 930 ; labor price per hour, $10.90. Read the recuirements Fequirement 1. Show computations of price and efficiency variances for direct materials and direct manulacturng labor. Give a plausbie explanation of why each viviance occurned. Lers begin by determining the formula used to calculate the actual costs of direci materials, then enter the anounts in the formula and calculate mie cost Requirements 1. Shou compulations of price and efficiency varances tor direct materials and Data table dicect mandiacturing labor. Cive a plaubble explanaton of why each variance oocurred. 2. Suppose 6.300 square yorda of muteriah were purchased (at 55.20 per square yed), even though onty 3.000 square yards wore ined suppote furtwer that vanances wie identfied at their moat bimely eontrol point acoordingly, direct materials price variancws are isolated and traced at the tire of purchase to the purchating department ruther than to the producton department. Compute the ofice and emieiency variances unoer this aperosch