Half Moon Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $176 per board. This includes 25 pounds of direct materials, at the budgeted price of $2 per pound, and 9 hours of direct manufacturing labor, at the budgeted rate of $14.00 per hour. Following are additional data for the month of July: E: (Click the icon to view the data.) Read the requirements ... Requirement 1. Compute direct manufacturing labor variances for July. Label each variance as favorable (F) or unfavorable (U). Data table Price variance - X Requirements Efficiency variance Flexible-budget variance 5.300 units 210,000 pounds $672,000 1. Compute direct manufacturing labor variances for July. 2. Compute the actual pounds of direct materials used in production in July. 3. Calculate the actual price per pound of direct materials purchased. 4. Calculate the direct materials price variance. Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct labor cost Direct materials efficiency variance 42.000 hours $592,200 $1,400 F There were no beginning inventories. Print Done Print Done