Requirement 1. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Next determine the formula and calculate the costs for the flexible budget. Next determine the formula and calculate the costs for the flexible budget. Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) unfavorable (U). Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Requirement 1. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Next determine the formula and calculate the costs for the flexible budget. Next determine the formula and calculate the costs for the flexible budget. Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) unfavorable (U). Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U)