Data table Data table Frame - it, inc, produces several diferert styles and sizes of picture frames. The colloge frame consists of 12 interconoected matted pleture slots, each surounded by a wood frame Engineering studies indicate that each collage trame will require the following drect matoriah and direct labor The following activiy regarding direct labor and wood trim occurred during March: (Click en the icen to view the March data). Read the requirments Direct labor Requirement 2. Calculate the wood tim direct materials price and quartly variances for the month of March (Eriler the variances as positive numbers. Enter curency amounts in the fornula. to the nearest cect and then round the firal variance amount to the neacott whole dollor. Label the vanance as favoeablo (F) or unfavorable (U), Abbreviationt used DM = Direct materiain.) Fint determine the formila for the price variance, then compute the price variance for the wood trim direct malerials. Determine the famuls far the quanty vanance, then compule the quantify variance for the wood trim direct matoriale: Begin with the direct laber rate variance. Fint detemine the formula for the rate varance, then cortpute the rate variance for direct labor. Requirements 1. Calculate the standard direct materials cost and standard direct labor cost for each collage frame. 2. Caiculate the wood trim direct materials price and quantity variances for the month of March. 3. Calculate the direct iabor rate and efficiency variances for the month of March