E7-28 (similar to) Question Help Nancy Lou, Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. Nancy Lou's May 2017 static budget and actual results for direct inputs are as follows: (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) Actual Price Actual Input Qty x May 2017 Results Variance Budgeted Price Units Direct materials Direct labor Total variance Data Table 550 14 yards at $1.30 per yard = $18.20 1.5 hours at 58.20 per hour = $12.30 Static Budget Number of jacket lots (1 lot = 1 dozen) Per Lot of Jackets: Direct materials Direct manufacturing labor Actual Results Number of jacket lots sold Total Direct Inputs: Direct materials Direct manufacturing labor 575 9,200 yards at $1.50 per yard = $13,800.00 748 hours at $8.30 per hour = $6,208.40 Print Done