PDXoriginals produces chairs and has determined the following direct cost categories and budgeted amounts: Category Standard Inputs Standard Price for 1 Output per Input Direct 1.0 $7.50 materials Direct labor 0.3 $9.00 Actual performance for the company is below: Actual output (in units) = 4,000 Actual direct labor costs = $11,470 Actual labor hours of input = 1,240 hours Actual wage rate = $9.25/hour Required: 1. Calculate the price variance for direct labor. Provide the amount in the first box below and indicate whether it is favorable (F) or unfavorable (U). The price variance formula is: (Actual price of input - Budgeted price of input) x Actual Quantity of Input 2. Calculate the efficiency variance for direct labor. Provide the amount in the second box below and indicate whether it is favorable (F) or unfavorable (U). The efficiency variance formula is: (Actual quantity of input used - Budgeted quantity of input allowed for actual output) x Budgeted price of input