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MATERIALS AND MANUFACTURING LABOR VARIANCES, STANDARD COSTS DATA SET Dunn, Inc., is a privately held furniture manufacturer. For August 2022, Dunn had the following standards for one of its products, a wicker chair: Standards per Chair Direct materials 2 square yards of input at $5 per square yard Direct manufacturing labor 0.5 hour of input at $10 per hour The following data were compiled regarding actual performance: Actual output units (chairs) produced, 2,000 Square yards of input purchased and used, 3,700 Price per square yard, $5.10 Direct manufacturing labor costs, $8,820 Actual hours of input, 900 Labor rate per hour, $9.80 REQUIREMENTS: 1. Show all computations of price and efficiency variances for direct materials and direct manufacturing labor below. Suppose further that variances are identified at their most timely control point; accordingly, direct materials price variances are isolated and traced at the time of purchase to the purchasing department rather than to the production department