Dwyer Inc is a privately held furniture manufacturer For August 2020, Dwyer had the following standards for one of its produets, a wicker chair Click the icon to view the standards per chair) The following data were compiled regarding actual performance actual output units (chairs) produced, 2 900, square yards of input purchased and used, 5,500 price per square yard, $520, direct manufacturing Inbat costs, $10,545 actual hours of input, 950: labor price per hour $11.10 Read the requirements abor price per hour, $11.10. rements. . Data Table Standards per Chair Direct materials 2 square yards of input at $5.00 per square yard Direct manufacturing labor 0.5 hour of input at $10.90 per hour 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred 2. Suppose 8 000 square yards of materials were purchased (at $5.20 per square yard), even though only 5,500 square yards were used. Suppose further that variances are identified 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. Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price Efficiency variances variances Direct materials Direct manufacturing labor Choose from any list or enter any number in the input fields and then click Check