Consider the following data collected for Durable Homes, Inc.: E (Click the icon to view the data table.) Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. First compute the price, efficiency, and flexible-budget variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Flexible-budget variance Now compute the price, efficiency, and flexible-budget variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Flexible-budget variance Direct Direct Materials Manufacturing Labor Costs incurred: Actual inputs x actual prices $ 202,000 $ 88,000 Actual inputs x standard prices 209,000 86,000 Standard inputs allowed for actual output x standard prices 211,000 83,000