Flexible Budgets, Direct-Cost Variances, and Management Control Materials and manufacturing labor variances Consider the following data collected for Great Homes, Inc.: Direct Direct Manufacturing Materials Labor Cost incurred: Actual inputs x actual prices $200,000 $90,000 Actual inputs x standard prices 214,000 86,000 Standard Inputs allowed for actual output x standard prices 225,000 80,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instructions tab you will be marked 2 wrong 3 4 Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when 16 describing the variances 17 Direct Manufacturing Labor Direct Materials F/U F/U (1) Price variance (2) Efficiency variance (3) Flexible-budget variance