CenterWare is a manufacturer of large flower pots for urban settings. The company has these standards: ?(Click the icon to view the actual results.) EEB Click the icon to view the standards.) Requirements 1. Compute the direct materials price variance and the direct materials quantity variance. 2. What is the total variance for direct materials? 3. Who is generally responsible for each variance? 4. Interpret the variances Requirement 1. Compute the direct materials price variance and the direct materials quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then rou 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. ) = DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct materials. x ( DM quantity variance Requirement 2. What is the total variance for direct materials? Requirement 3. Who is generally responsible for each variance? The department is responsible for the materials price variance. The Vdepartment is responsible for the materials quantity variance