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Dawson, Inc. is a privitely held turniture manulacturec. For August 2020, Dawson had the following standards for one of ks products, a wicker chair: (Click the icon to view the iftandards per chair.) The following data were compled regarding actual pertormance: actual output units (chairs) produced, 2,200; square yards of input purchased and ised, 6,200, proce per squae yard, 55 . T0, dred manulacturing labor costs, $9,844; actual hours of input, 920; labor price per hout, $10.70. Read the requirements. Requirement 1. Show computations of price and efficiency variances for drect materials and direct manufacturing labot, Give a plasinible explanation of why sach variance occumed. 1 ark heain bw determinina the formula used to calculate the actual costs of diect materials, then enter the ancurts in the formula and calculate the cont: Data table Requirements 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. 2. Suppose 8,700 square yards of materials were purchased (at $5.70 per square yard), "even though only 6,200 square yards were used. Suppose further that variancesrare identified at their most timely control point; accordingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department. Compute the price and efficiency variances under this approach