2 andScapes is a manufacturer of large flower pots for urban settings. The company has these standards: Click the icon to view the standards.) (Click the icon to view the actual results) quirements Compute the direct material price variance and the direct material quantity variance. Who is generally responsi interpret the variances Standards 12. quirement 1. Compute the ounts in the formula to the Abbreviations used: DM Direct materials (resin) bors. Enter currency rable (F) or unfavorable at determine the formula 8 pounds per pot at a cost of $6.00 per pound 20 hours at a cost of $11.00 per hour 2 termine the formula for the Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate $8.00 per direct labor hour $10,400 $6.00 per direct labor hour (DLH) quirement 2. Who is gond 2 Print Done 11 department se quirement 3. Interpret the variances quantity variance aose from any list or enter any number in the input fields and then continue to the next question See ? @ g (ee tv AP MacBook Pro C Q Search or type URL $ 4 & 3 % 5 6 00 * 7 ( 9 ) 0 + = icon to view the 0 Actual Results X ts the direct materia merally responsid ne variances at 1. Compute the me formula to the ations used: DM bers. Enter currency Jrable (F) or unfavorable ne the formula fd GrandScapes allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,200 flower pots: Direct materials Purchased 11,120 pounds at a cost of $6.10 per pound; used 10,320 pounds to produce 1,200 pots Direct labor Worked 2.5 hours per flower pot (3,000 total DLH) at a cost of $10.00 per hour Actual variable manufacturing overhead $8.60 per direct labor hour for ital actual variable manufacturing overhead of $25,800 Actual fixed manufacturing overhead $9.800 Standard fixed manufacturing overhead allocated based on actual production $14,400 ne formula for thd nt 2. Who is gend department quantity variance int 3. Interpret the Print Done many list or enter Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. x ) = DM price variance ) = Determine the formula for the quantity variance, then compute the quantity variance for direct material. x DM quantity variance 2 x Requirement 2. Who is generally responsible for each variance? The department is responsible for the materials price variance. The department is responsible for the materials quantity variance Requirement 3. Interpret the variances Choose from any list or enter any number in the input fields and then continue to the next question GrandScapes is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the direct material price variance and the direct material quantity variance. 2. Who is generally responsible for each variance? 3. Interpret the variances x x DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct material x DM quantity variance Requirement 2. Who is generally responsible for each variance? The department is responsible for the materials price variance. The department is responsible for the materials quantity variance Requirement 3. Interpret the variances The materials price variance means that the actual price Chic Ceramics' personnel paid for resin the standard budgeted price for resin The materials quantity variance means that Chic Ceramics' employees used resin than they should have to produce 1.200 pots Choose from any list or enter any number in the input fields and then continue to the next