Consider the following data collected for Great 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 Data table Flexible-budget variance Direct Manufacturing Direct Materials Labor Costs incurred: Actual inputs x actual prices $ 216,000 2$ 85,000 Actual inputs x standard prices 219,000 86,000 Standard inputs allowed for actual output x standard prices 221,000 87,000