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Elegance is a manufacturer of ceramic bottles. E: (Click the icon to view the standards.) 3 (Click the icon to view the actual results.) Requirements 1. Compute the direct labour price variance and the direct labour efficiency variance. 2. What is the total flexible budget variance for direct labour? 3. Who is generally responsible for each variance? 4. Interpret the variances. Require A Data Table Data Table X ble (F) or First, de unfavou The company has these standards: Last month, Elegance reported the following actual results for the production of 71,000 bottles: Direct materials (clay) ................. 1 kg per bottle, at a cost of $0.46 per kg Direct labour. . . . . . . . . . . . . ............ 1/5 hour per bottle, at a cost of $14.80 per hour . Static budget variable overhead ........ 1.000 Direct materials ........... 1.1 kg per bottle, at a cost of $0.50 per kg Direct labour .......... .......... 1/4 hour per bottle, at a cost of $13.50 per hour Actual variable overhead ............ $104,000 Actual fixed overhead..... .... $28,000 Static budget fixed overhead ..... UV 80.000 I II a . . . . . . . . . . . . IIACUU V III a . . . . . . . . . . . . Static budget direct labour hours.......... 10,000 hours Static budget number of bottles........... 45,000 Print Done Elegance allocates manufacturing overhead to production based on standard direct labour hours