Chic Ceramics is a manufacturer of ceramic bottles. = (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the direct materials price variance and the direct materials efficiency variance. 2. What is the total flexible budget 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 efficiency variance. First, determine the formula for the price variance, then compute the price variance for direct materials. (Enter the result as a positive number. Round your answer to the nearest whole dollar. Label the variance as fa a . unfavourable (U).) ( Actual price per input unit - Standard price per input unit) x Actual quantity of input = Price variance 0.6 0.44 69000 11040U i Data Table i Data Table The company has these standards: Last month, Chic Ceramics reported the following actual results for the production of 69,000 bottles: Direct materials Direct labour.... 1.25 kg per bottle, at a cost of $0.60 per kg 1/4 hour per bottle, at a cost of $12.70 per hour Actual variable overhead S106,000 Direct materials (clay) 1.1 kg per bottle, at a cost of $0.44 per kg Direct labour. 1/5 hour per bottle, at a cost of $14.00 per hour Static budget variable overhead $71,400 Static budget fixed overhead. $30,450 Static budget direct labour hours........ 10,500 hours Static budget number of bottles........ 52,000 Chic Ceramics allocates manufacturing overhead to production based on standard direct labour hours Actual fixed overhead. $28,600 Print Done CI Print Done GL Clear All Final