Requirement b. Compute the direct manufacturing labor price and efficiency variances for the quarter. First, determine the formula and enter the amounts to calculate direct manufacturing labor actual price of input. (Enter the direct labor actual price of input to two decimal places, \$X.XX.) ==Directlaboractualpriceofinputperhour Now determine the formula and enter the amounts to calculate the direct manufacturing labor price variance. Label each variance as favorable (F) or unfavorable (U). (Enter unit costs to two decimal places, \$X.XX. Abbreviations used: DL= direct labor.) Price variance = Finally, determine the formula and enter the amounts to calculate the efficiency variance. Label each variance as favorable (F) or unfavorable (U). (Enter unit costs to two decimal places, $X.XX. Abbreviations used: AO= actual output, BQ= budgeted quantity, DL= direct labor.) Efficiency (Usage) ) x variance ( ) x = Data table Direct materials standard: 8 square yards at $5.50 per yard Direct manufacturing labor standard: 3 hours at $12.10 per hour Jill Draperies manufactures curtains. To complete a curtain, Jill requires the following inputs: (Click the icon to view the inputs.) During the second quarter, Jill Draperies made 1,900 curtains and used 14,300 square yards of fabric costing $74,360. Direct manufacturing labor totaled 5,600 hours for $70,000. Read the requirements. Requirement a. Compute the direct materials price and efficiency variances for the quarter. First, determine the formula and enter the amounts to calculate direct materials actual price of input. (Enter the direct materials actual price of input to two decimal places, $X.XX.) ==Directmaterialsactualpriceofinputpersquareyard Now determine the formula and enter the amounts to calculate the direct materials price variance. Label each variance as favorable (F) or unfavorable (U). (Enter unit costs to two decimal places, $X.XX. Abbreviations used: AO= actual output, BQ= budgeted quantity, DM= direct materials.) \begin{tabular}{lll} & )1 & Price variance \\ - & 1 & = \end{tabular} Finally, determine the formula and enter the amounts to calculate the direct materials efficiency variance. Label each variance as favorable (F) or unfavorable (U). (Enter unit costs to two decimal places, $X.XX. Abbreviations used: AO= actual output, BQ= budgeted quantity, DM= direct materials.)