Ceramics Etc. 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) 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 For unfavorable (U). Abbreviation used. DM Direct mail) First determine the formula for the price variance, then compute the price variance for direct materials 1 - OM price variance 1) Choose from any list or enter any number in the input fields and then click Check Answer ord ma va CL ns 14 pounds per pot at a cost of $3.00 per Direct materials (resin). pound Direct labor..... 3.0 hours at a cost of $16.00 per hour Standard variable manufacturing overhead rate ..... $6.00 per direct labor hour Budgeted fixed manufacturing overhead $62,800 Standard fixed MOH rate.. $12.00 per direct labor hour (DLH) hun Print Done a et al pri Ceramics Etc. 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 1,800 flower pots: Purchased 26,900 pounds at a cost of $3.50 per pound; Direct materials used 26,100 pounds to produce 1,800 pots Worked 3.5 hours per flower pot (6,300 total DLH) at a cost Direct labor .... of $14.00 per hour Actual variable manufacturing $6.70 per direct labor hour for total actual variable overhead manufacturing overhead of $42,210 Actual fixed manufacturing overhead $62,400 ---- ayn Print Done da sto nal ---- Purchased 26,900 pounds at a cost of $3.50 per pound; Direct materials used 26,100 pounds to produce 1,800 pots Worked 3.5 hours per flower pot (6,300 total DLH) at a cost Direct labor of $14.00 per hour Actual variable manufacturing $6.70 per direct labor hour for total actual variable overhead manufacturing overhead of $42.210 Actual fixed manufacturing overhead $62,400 Standard fixed manufacturing overhead allocated based on actual production $64,800 pri nyn Print Done pots for urban settings. The company has these standards: i Requirements (s. El & revic 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. nd Print Done in
