CenterWare is a ma (Click the icon Read the requireme Standards Direct materials (resin). 8 pounds per pot at a cost of $3.00 per pound - X Actual results Requirement 1. C whole dollar. Label Direct labor..... .3.0 hours at a cost of $15.00 per hour per Standard variable manufacturing overhead rate ..... $3.00 per direct labor hour First determine the Budgeted fixed manufacturing overhead.. Standard fixed MOH rate. . Actual quantity Requirements .$73,600 . $12.00 per direct labor hour (DLH) Print Done - 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. Print Done CenterWare 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 2,100 flower pots: Direct materials.... Direct labor.... Actual variable manufacturing overhead .... Purchased 17,830 pounds at a cost of $3.50 per pound; used 17,430 pounds to produce 2,100 pots Worked 3.4 hours per flower pot (7,140 total DLH) at a .. cost of $14.00 per hour $3.40 per direct labor hour for total actual variable .. manufacturing overhead of $24,276 Actual fixed manufacturing overhead $73,200 Standard fixed manufacturing overhead allocated based on actual production... $75,600 Print Done - CenterWare is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the actual results.) (Click the icon to view the standards.) Read the requirements. 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. Actual quantity purchased Actual price ( Standard price ) = DM price variance