l 2 3 4 3 AOKUWNU} H D \\_ Ll |: r 0 Fl I 1 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 wrong. Requirement Compute the a. price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. Use the ABS function when calculating variances, and use the dropdown selections for F (favorable) or U (unfavorable) when describing the variances. Direct Manufacturing Direct Materials F/U Labor F/U (1) Price variance (2) Efficiency variance (3) Flexible-budget variance