i Data Table hd ca 80 Direct materials Standards per Chair 2 square yards of input at $ 5.20 per square yard 0.5 hour of input at $ 10.90 per hour Direct manufacturing labor Print Done Daley, Inc. is a privately held furniture manufacturer. For August 2017, Daley had the following standards for one of its products, a wicker chair E: (Click the icon to view the standards per chair.) The following data were compiled regarding actual performance: actual output units (chairs) produced, 2,500; square yards of input purchased and used, 4,700; price per square yard, $5.40, direct manufacturing labor costs, $10,476, actual hours of input, 970; labor price per hour, $10.80. Read the requirements. Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. Let's begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the formula and calculate the cost. Actual price X Actual input Actual cost Direct materials 5.4 X 4700 25380 Next we will calculate the actual input at the budgeted price. Actual input Cost Budgeted price 5.20 Direct materials 4700 24440 Direct manufacturing labor 970 10.9 10573 Determine the formula and calculate the costs for the flexible budget. X Flexible budget cost Direct materials Direct manufacturing labor