Consider the following data collected for Excel Construction Trailers: Direct Materials Direct Manufacturing Labour Costs incurred: Actual inputs x actual rates 208,000 92,000 Actual inputs x standard rates 205,000 89,000 Standard inputs allowed for actual outputs x standard rates 200,000 81,000 Required Compute the rate, efficiency, and flexible-budget variances for direct materials and direct manufacturing labour. Compute the rate, efficiency, and flexible-budget variances for direct materials. Label each variance as favourable (F) or unfavourable (U). Rate variance Efficiency variance Flexible-budget variance Compute the rate, efficiency, and flexible-budget variances for direct manufacturing labour. Label each variance as favourable (F) or unfavourable (U). Rate variance Efficiency variance Flexible-budget variance