Dwyer, Inc. is a privately held furniture manstacturec For August 2020, Dwyer had the following standards for one of as products, a wicker chair (Cect the ficten to viow the standards per chait.) The following data were compled regarding actual perlomance actual output uniks (chairs) produced, 3,000, spare yards of input purchased and used, 6.600, price per square yard \$5. 30, ustect manulacturing labor coits. $9.078, actual hous of input. 890 , Labor price per hour, $10.20 Read the tequirements Requirements cocurred turther that varianche are histifed at ther mene limety conted point 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 caiculate the actual input at the budgeted price Requirement 2. Suppose 11,100 square yaids of materials were purchased (at $5.30 per square yatd), oven though only 8,600 square yards were uned. Suppose further that varances are idenafied at their most timely control point accordingly, deect materials price variancos are isoloted and traced at the time of purchase fo the purchasing departme nt rather than to the preduction department Compute the price and efliciency variances under this approach Begin with recalculating the costs using the information provided for the allemative approsch Requirement 2. Suppose 11,100 square yards of materials were purchased (at \$5.30 per square yard), even though only a 6.600 square yards were used Suppose further that varlances are identifed at their most timely control point, accordingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department. Compute the price and efficiency variances under this approach Begin with recalculating the costs using the information provided for the alternative approach