Dunn, Inc. is a privately held furniture manufacturer ForAugust 2014, Dunn had the following standards for one of its products, a wicker chair Standards per Chair 2 square yards of input at 5.00 per square yard Direct materials 05 hour of input at S. 10.00 per hour Direct manufacturing labor The following data were compiled regarding actual performance: actual output unts (chains) produced 2000, square yards orinput purchased and used, 37oo, price per square yard, $5.10, direct manutacturing labor costs, s8,820, actual hours of input, 900 labor price per hour, $9.80 Read the requirements Requirement 1.show computations of prce and emciency variances tordrectmateriais and direct manufacturing labor Givo aplausible explanation of why each variance occurred Lers begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the formula and calculate the cost Actual cost Direct materials