Redfish Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $166 per board. This includes 20 pounds of direct materials, at the budgeted price of $2 per pound, and 9 hours of direct manufacturing labor, at the budgeted rate of $14.00 per hour. Following are additional data for the month of July: 3: (Click the icon to view the data.) Data Table ance as favorable (F) or unfavorable (U). 5,400 units 220,000 pounds Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours $682,000 ily. 41,000 hours $594,500 variance. Determine the formula, then Actual direct labor cost Direct materials efficiency variance $1,400 F Variance (pounds) There were no beginning inventories. mula, then complete the computation. Print Done Pounds allowed Requirement 1. Compute direct manufacturing labor variances for July. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Flexible-budget variance Requirement 2. Compute the actual pounds of direct materials used in production in July. Begin by computing the number of pounds represented by the direct materials efficiency variance. Determine the formula, then complete the computation. Variance (pounds) Next, compute the budgeted pounds allowed for the output achieved. Determine the formula, then complete the computation. Pounds allowed Determine the formula to compute the actual pounds of direct materials used in production in July. Choose from any list or enter any number in the input fields and then continue to the next question. Determine the formula to compute the actual pounds of direct materials used in production in July. Actual = pounds used Redfish Bay Surfboards actually used pounds of direct materials for production in July. Requirement 3. Calculate the actual price per pound of direct materials purchased. Determine the formula, then complete the computation. (Round your answer to the nearest cent.) Actual price per pound Requirement 4. Calculate the direct materials price variance. Price variance Choose from any list or enter any number in the input fields and then continue to the next question. Screenshot