on a day-to-day basis? (2.) Below are the standard material and labor costs for a glotto: Material 3 pounds of lotto @ $1 per pound P 3.00 Labor 2 hours of gluing labor @ $6 per hour 12.00 Actual results in March were as follows: Production 1,000 glottos Materials purchased and used 3,200 pounds for $3,250 Hours of gluing labor worked 1,900 hours Cost of labor $11,875 Required: (a) Compute for the price, efficiency, and flexible-budget variances for direct materials and direct labor. Use U or F to indicate whether the variances are unfavorable or favorable. (b) What type of data would the production manager probably watch most closely on a day-to-day basis? IECOSAC Handouts page 52 X O