Maria May, Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. Maria May's May 2020 static budget and actual results for direct inputs are as follows: (Click the icon to view the data.) i (Click the icon to view additional information.) Read the requirements. Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2020. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2020. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) Actual Price Actual Input Qty * Budgeted Price May 2020 Results Variance Data Table Units Direct materials Static Budget Direct labor 300 Total variance Number of jacket lots (1 lot = 1 dozen) Per Lot of Jackets: Direct materials Direct manufacturing labor X Requirements 10 yards at $1.30 per yard = $13.00 1.6 hours at $8.30 per hour = $13.28 Actual Results 325 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2020. What is the total flexible budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? 2. Comment on the May 2020 results. Would you continue the experiment" of using the new material? Number of jacket lots sold Total Direct Inputs: Direct materials Direct manufacturing labor 3,900 yards at $1.50 per yard = $5,850.00 455 hours at $8.40 per hour = $3,822.00