Draper, Ine, is a privately held fumiture manufacturer. For August 2020 , Draper had the following standards for one of its products, a wicker chair. (Click the licon to view the standards per chaie) The following data were compilod regarding actual performance; actual output units (chairs) produced, 2,300; square yands of input purchased and used, 4,300, price per iquare yard, 35,70 , dinect manufacturing labor costs, $10,780; actual hours of input, 980; labor price per how, $11.00. Read the cequirements. Data table Requirement 1.5 Let's begin by dote fula and calculate the cost Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor: Let's begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the for Next we will calculate the actual input at the budgeted price. Requirement 2. Suppose 6,700 square yards of materials were purchused (at $5.70 por square yard), even though only 4,300 square yards wore used Suppose further that variances are identifed ot their most timely control point, accoedingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing departreect rather than fo the production department. Compute the price and efficiency variances under this approach. Begn with recalculating the conts using the informasion previded for the alfemative approach