Duaper thicis a privately hodd fumifure manutacturer For August, Draper had the folowing standards for one of is products, a wicker chair Required Standards per chair 1. Sow compintions of pice and etlicuency vatiayoys for droct materias and ocautied 2, Suapose 7 ,50 squart rielies of masinials were panchased (at 5530 por suate metry), even though enl 5,100 squate motres wore usod. Suppore hirtrer that valances gee ifentified at ineit merst tamely controt point hcandingly direct materiais price varancos are isolated and treced at the hime of surchase to the patchasing bepartment tathot than to the ptodaction departinert Compube the price and offoency vahances undor thes approach. actios cost io ihe nearest whote doliar) Now, compute the price and efficency vanances for drect matenals and deoct manifacturng tabour label each variance as tavourablo (f) or unfavourable (U) Now, gtve il plaustilo explarsstion of wty each varance occurrod Begin with the direct matorial varances The mafuriais eficiengy vaiance: There was an anesported The prosucbon marugke evyy have emgloged n mizichas frice poe squge phetie due to workels or the budgked makonits standands aske set too The isberur pecovathots w labpir tates ec due if a