Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2020. 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 2020. Complete the actual results, price 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 * May 2020 Results Variance Budgeted Price Units Direct materials Direct labor Total variance Data Table Static Budget 500 Number of jacket lots (1 lot = 1 dozen) Per Lot of Jackets: Direct materials Direct manufacturing labor Actual Results Number of jacket lots sold Total Direct Inputs: 18 yards at $1.60 per yard = $28.80 1.7 hours at $7.60 per hour = $12.92 525 Direct materials 10,500 yards at $1.80 per yard = $18,900.00 Direct manufacturing labor 788 hours at $7.70 per hour = $6,067.60