+ Steps to Perform: Step Instructions Points Possible 12 Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. a.Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Total Points 12 Flexible Budgets, Direct-Cost Variances, and Management Control Materials and manufacturing labor variances Consider the following data collected for Great Homes, Inc.: Cost incurred: Actual inputs x actual prices Actual inputs x standard prices Standard inputs allowed for actual output x standard prices Direct Materials $200,000 214,000 225,000 Direct Manufacturing Labor $90,000 86,000 80,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. a. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Direct Manufacturing Labor Direct Materials F/U F/U (1) Price variance (2) Efficiency variance (3) Flexible-budget variance