Third-quarter results are in, and cost of goods sold is higher than anticipated. A direct material that had some variance in the quarter is the aluminum used in the Ride-Outs. You have decided to look at the flexible budget direct material variance related to this, as well as the flexible budget direct labour variance for all production. You have the following information to perform your analysis:

Standard inputs Standard costfor one unit of output for one unit of input

Direct materials 10.00 kg $32/kg

Direct labour 8.00 hours $42/hour

Actual performance for the company is shown below:

Actual output (in units): 1,371

Direct materials:

Purchased and used 13,750 kg

Actual price per input $39.40/kg

Direct labour:

Labour hours of input 11,500 hours

Actual price per hour $43.10/hour

How do I calculate the flexible budget, rate, and efficiency variances for the direct materials and direct labour, and how do I evaluate the results.

Step by Step explanation please