Redfish Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $186 per board. This includes 20 pounds of direct materials, at the budgeted price of $3 per pound, and 9 hours of direct manufacturing labor, at the budgeted rate of $14.00 per hour. Following are additional data for the month of July: (Click the icon to view the data.) Read the requirements. ..... Requirement 1. Compute direct manufacturing labor variances for July. Label each variance as favorable (F) or unfavorable (U). Price variance Data table Efficiency variance Flexible-budget variance 5,400 units Requirements Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct labor cost Direct materials efficiency variance 220,000 pounds $704,000 45,000 hours $639,000 1. Compute direct manufacturing labor variances for July. 2. Compute the actual pounds of direct materials used in production in July. 3. Calculate the actual price per pound of direct materials purchased. 4. Calculate the direct materials price variance. $1,800 F There were no beginning inventories