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.) 1. Compute the direct material price variance and the direct material quantity varianoa. 2. Who is generally responsible for each variance? 3. Interpret the varlances. 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 fonmula 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 detemine the formula for the price variance, then compute the price variance for direct materials. Actual Results DM price variance CenterWare alocated 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 fiower pots: Standards Direct materials Purchased 20,420 pounds at a cost of $4.50 per pound; used 19,920 pounds to produce 1,200 pots Worked 2.5 hours per flower pot (3,000 total DLH) at a cost of $19.00 per hour $4.30 per direct labor hour for total actual variable manufacturing overhead of $12,900 S25,200 Direct materials (resin) 16 pourids per pat at a cost of $4.00 Direct labor per pound 2.0 hours at a cost of $20.00 per hour Direct labor Actual variable manufacturing overhead Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate $4.00 per direct labor hour $25,400 $11.00 per direct labor hour (DLH) Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production S26,400 Print Done PrintDone Choose from any list or enter any number in the input fields and then click Check