Take me to the text Robin Luk manufactures carpets. He has two direct cost categories; direct materials and direct labor costs. The allocation of variable manufacturing overhead is based on standard direct labor hours. Robin Luk provides the following information regarding his standards and actual performance for the month of July. For the month of July, Robin Luk has budgeted 140,000 pounds of direct materials. He also budgeted 50,000 direct labor hours at a cost of $2,300,000. Based on the 50,000 direct labor hours, the budgeted variable manufacturing overhead was $450,000. The standard cost per pound was $11.35 and the standard quantity per output was 4 pounds. The following information shows the actual results for the month of July: Direct Materials Price Variance Price Variance per pound Efficiency Variance Direct Labor Labor costs incurredEfficiency Variance Actual Wage Rate - Budgeted Wage Rate $1.05 per hour Variable Manufacturing Overhead Flexible Budget Variance Efficiency Variance $96,000 F $1.20 per lb $89,000 U $2,352,500 $479,000 F $13,000 U $47,400 U Note: Assume direct materials used are equal to direct materials purchased.