Please answer ALL requirements and show calculations.

Damico, Inc. is a privately held furniture manufacturer. For August 2014, Damico had the following standards for one of its products, a wicker chair. Direct materials Direct manufacturing labor Standards per Chair 2 square yards of input at $ 5.80 per square yard 0.5 hour of input at $ 10.90 per hour The following data were compiled regarding actual performance: actual output units (chairs) produced, 2,200, square yards of input purchased and used, 4,000; price per square yard, $6.00; direct manufacturing labor costs, $10,260; actual hours of input, 950; labor price per hour, $10.80. Read the requirements. Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. Begin by computing the price and efficiency variances for direct materials, then compute the price and efficiency variances for direct manufacturing labor. (Label each variance as favorable (F) or unfavorable (U).) Actual Price Actual qty x Budgeted price Efficiency Variance Flexible budget May 2014 results Variance Direct materials Choose from any list or enter any number in the input fields and then click Check Answer. Requirements 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. 2. Suppose 6,300 square yards of materials were purchased (at $6.00 per square yard), even though only 4,000 square yards were used. Suppose further that variances are identified at their most timely control point, accordingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department Compute the price and efficiency variances under this approach. Print Print Done