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Elegance is a manufacturer of ceramic bottles. (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the direct labour price variance and the direct labour efficiency variance. 2. What is the total flexible budget variance for direct labour? 3. Who is generally responsible for each variance? 4. Interpret the variances. Requirement 1. Compute the direct labour price variance and the direct labour efficiency variance. First, determine the formula for the price variance, then compute the price variance for direct labour. (Enter the result as a positive number. Round your answer to the nearest whole dollar. Label the variance as favourable (F) or unfavourable (U).) ) X Price variance Data table The company has these standards: Direct materials (clay) - 1.3 kg per bottle, at a cost of $0.40 per kg Direct labour. 1/5 hour per bottle, at a cost of $14.20 per hour Static budget variable overhead $67,500 Static budget fixed overhead. $29,700 Static budget direct labour hours. 10,800 hours Static budget number of bottles.. 48,000 Elegance allocates manufacturing overhead to production based on standard direct labour hours. Data table Last month, Elegance reported the following actual results for the production of 74,000 bottles: Direct materials. 1.4 kg per bottle, at a cost of $0.80 per kg Direct labour 1/4 hour per bottle, at a cost of $12.80 per hour Actual variable overhead $92,000 Actual fixed overhead. $26,500 Print Done