9. CenterWare is a manufacturer of large flower pots for urban settings. The company has these standards: 7 (Click the icon to view the standards.) 8 (Click the icon to view the actual results.) Read the requirements 9. 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. (((1))=DMpricevariance Determine the formula for the quantity variance, then compute the quantity variance for direct material. (()=DMquantityvariance)= Requirement 2. Who is generally responsible for each variance? The (9) department is responsible for the materials price variance. The (10) department is responsible for the materials quantity variance. Requirement 3. Interpret the variances. The (11), materials price variance means that the actual price Watermate's personnel paid for resin (12) the standard budgeted price for resin. The (13) materials quantity variance means that Watermate's employees used (14) resin than they should have to produce 1,600 pots. CenterWare allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the follo actual results for the production of 1,600 flower pots: 9: 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. (1) Actual quantity used (2) Actual quantity used Actual hours Standard hours allowed Standard hours allowed ActualpriceStandardpriceActualpriceStandardprice Actual quantity purchased Standard quantity allowed Actual quantity purchased Standard quantity allowed (3) Actual quantity used (4) ActualhoursActualpriceActualquantitypurchasedStandardhoursallowedStandardpriceStandardquantityallowed (5) (7) Actual quantity used (8) (9) marketing (10) marketing ActualhoursActualpriceStandardhoursallowedStandardpriceFUproductionpurchasingpurchasingproduction Actual quantity purchased Standard quantity allowed sales sales (11) favorable (12) did not exceed (13) favorable (14) less unfavorableexceededunfavorablemore