Elegance is a manufacturer of ceramic bottles. E (Click the icon to view the standards.) 6 (Click the icon to view the actual results.) Requirements 1. Compute the direct labour price variance and the direct labour efficiency variance. 2. What is the total flexible budget variance for direct labour? 3. Who is generally responsible for each variance? 4. Interpret the variances. Requirement 1. Compute the direct labour price variance and the direct labour efficiency variance. First, determine the formula for the price variance, then compute the price variance for direct labour. (Enter the result as a positive number. Round your answer to the nearest whole dollar. Label the variance as favourable (F) or unfavourable (U).) ) x Price variance Actual price per input unit Data table Actual quantity of input Data table Standard price per input unit The company has these standards: Standard quantity of input Last month, Elegance reported the following actual results for the production of 67,000 bottles: Direct materials Direct labour Direct materials (clay) 1.2 kg per bottle, at a cost of $0.40 per kg Direct labour. 1/5 hour per bottle, at a cost of $14.60 per hour Static budget variable overhead $72,100 Static budget fixed overhead $29,870 Static budget direct labour hours 10,300 hours Static budget number of bottles 55,000 Elegance allocates manufacturing overhead to production based on standard direct labour hours. 1.5 kg per bottle, at a cost of $0.70 per kg 1/4 hour per bottle, at a cost of $13.30 per hour $104,400 Actual variable overhead Actual fixed overhead.......... $28,900 Print Done Print Done