Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual results, prce variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) Actual Price Actual Input Qty x Budgeted Price Efficiency Flexible May 2017 Results Variance Budget Units 425 425 Direct materials10,200.00 S 1.275.00 U $ 93.50 U 8,925.00 $ 190.00 US 7,735.00 $ 7,199 50S S 64600 F $ 7,752.00 544.00U 7,10600 S Direct labor Total variance The total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined is 1.368.50 U This variance is % of the total cost of direct materials and direct manufacturing