Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. the variance is zero, do not select a label.) Requirements 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U)