Grand Ceramics is a manufacturer of ceramic bottles. (Click the icon to view the standards.) Requirements (Click the icon to view the actual results.) 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).) Data table )x = Price variance Data table Last month, Grand Ceramics reported the following actual results for the production of 71,000 bottles: Direct materials. 1.3 kg per bottle, at a cost of $0.60 per kg Actual variable overhead Actual fixed overhead.... 1/4 hour per bottle, at a cost of $13.50 per hour $95,000 $28,500 The company has these standards: Direct materials (clay) 1.1 kg per bottle, at a cost of $0.44 per kg Direct labour...... Static budget variable overhead Static budget fixed overhead. Static budget direct labour hours. Static budget number of bottles... 49,000 Grand Ceramics allocates manufacturing overhead to production based on standard direct labour hours. 1/5 hour per bottle, at a cost of $14.20 per hour $69,550 Direct labour. $33,170 10,700 hours Print Done Print Done