Question 1 (of 11) Save & Exlt Submit value: 10.00 points The following data reflect the current month's activity for Vickers Corporation: Actual total direct labor Actual hours worked S655,200 37,700 36,500 Slandard labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour S 23,400 F S157,120 S 4.20 Variable overhead is applied based on standard direct labor-hours allowed. Required Compute the labor and variable overhead price and efficiency variances. (Indicate the effect of each variance by selecting "F"for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Direct labor: Price variance 5 23,400 Efficiency variance Variable overhead: 1,220 $ 5,040 Price variance Efficiency variance