CenterWare 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 Actual Results Requirement 1. Compute the direct material price variance and the direct material quantay variance (Enter the variances as positive nume to the nearest whole Golar Label the variance as favorable (F) or unfavorable (U) Abbreviations used Direct materials) First determine the formula for the price variance, the compute the price variance for direct materials OM price range Standards Drama 14 pounds per poco 3.00 Center Ware allocated feed manufacturing overhead to production based on standard direct Mbw hours. Last, the company reported the following actress for the production of 1,100 Rowerpol Purchased 16.600 pounds at a cost of 53.40 per pound used 16.000 pounds to produce 1.100 Worked 26 hours per flower pot 2.750 DL) com of 520.00 per how Actual variable manufacturing overhead...37.70 per direct labor hour for total actual variable manufacturing overhead of $21,175 Actifed manufacturing overhead..... $19,500 Standard feed manufacturing overhead allocated based on actual production $24.200 20 hours at a cost of $21.00 per hour Direct labor Standard variable manufacturing overhede Budgeted food manufacturing overhed Standard faed MO $7.00 per director hour $20.200 $11.00 per direct labor hour DLH) Clearl Actual Results 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 1,100 flower pots: Direct materials Purchased 16,660 pounds at a cost of $3.40 per pound; used 16,060 pounds to produce 1,100 pots Direct labor Worked 2.5 hours per flower pot (2,750 total DLH) at a cost of $20.00 per hour Actual variable manufacturing overhead ..... $7.70 per direct labor hour for total actual variable manufacturing overhead of $21,175 Actual fixed manufacturing overhead ....... $19,500 Standard fixed manufacturing overhead allocated based on actual production $24,200 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 Standards Direct materials (resin) Requirement 1. Compute the direct material price variance and the direct material que to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abd First determine the formula for the price variance, then compute the price variance for x( x 14 pounds per pot at a cost of $3.00 per pound 2.0 hours at a cost of $21.00 per hour Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard foced MOH rate $7.00 per direct labor hour $20 200 $11.00 per direct labor hour (DLH) Print Done