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Consider the following data collected for Great Homes, Inc.: Click the icon to view the...

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Accounting

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Consider the following data collected for Great Homes, Inc.: 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 Flexible-budget variance Direct Materials Direct Manufacturing Labor Costs incurred: Actual inputs x actual prices Actual inputs x standard prices Standard inputs allowed for actual output 200,000 $ 214,000 90,000 86,000 x standard prices 225,000 80,000

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