You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious chocolatier for the month of June. (Click the icon to view the data.) Data table Read the requirements The chocolatier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill. Requirement 1. Calculate the materials efficiency and price variance and the wage and labor efficiency variances for the month of May. In order to calculate the variances complete the following table. (Round your final answer to the nearest whole number. Abbreviation used: qty = quantity.) Actual costs Actual input qty incurred Budgeted price Flexible budget Actual 7,000 Direct materials Boxes produced Direct materials used in production Actual direct material cost Actual direct manufacturing labor-hours Actual direct manufacturing labor cost 15,500 pounds (lbs.) $ 108,500 Direct labor 2.900 Now compute the variances. (Enter the amount of the variance, then select whether it is favorable or unfavorable.) $52,200 The materials efficiency variance is The materials price variance is The labor efficiency variance is Standards Purchase price of direct materials Materials per box Wage rate Boxes per hour $8.50 per pound 1.30 pounds $25.50 per hour The labor price variance is 6 Requirement 2. Discuss some possible causes of the variances you have calculated. Can you make any possible connection between the material and labor variances? What recommendations do you have for future improvement? expensive ingredients of quality, which resulted in than the standard number of rejected units. The labor price The materials price and efficiency variances could be an indication that the company purchased work pace and a than normal amount of rejects or waste. The company should determine the cause of the rejects. The cause could be Print Done Perhaps will help. If rejects are not the pro