Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the loon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) Read the requirements. Direct materials 1149400 Direct manufacturing labor 572900 7000 | U 8500 F 1142400 448000 F 1590400 581400 228000 F 809400 Fixed costs 1180000 170000 F 1350000 1350000 Total costs 2902300 922700 Operating income 171500 F 375500 F 3073800 676000 F 3749800 547200 744000 U 1291200 Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance