Chic Design 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 (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 - Chic Design 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. Standards Requirement 1. Compu amounts in the formulat Abbreviations used: DM Enter currency (F) or unfavorable (U). 15 pounds per pot at a cost of $4.00 per pound First determine the form 2.0 hours at a cost of $15.00 per hour Direct materials (resin) Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate $2.00 per direct labor hour . $30,600 $8.00 per direct labor hour (DLH) Print Done Chic Design is a manufa - (Click the icon to vie Actual Results Read the requirements. Requirement 1. Compu amounts in the formulat Abbreviations used: DM Enter currency (F) or unfavorable (U). First determine the form Chic Design 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 2,100 flower pots: Purchased 32,940 pounds at a cost of $4.50 per pound; Direct materials used 32,340 pounds to produce 2,100 pots Worked 2.5 hours per flower pot (5,250 total DLH) at a Direct labor cost of $14.00 per hour Actual variable manufacturing $2.30 per direct labor hour for total actual variable overhead .. manufacturing overhead of $12,075 Actual fixed manufacturing overhead $30,100 Standard fixed manufacturing overhead allocated based on actual production $33,600 Print Done Chic Design 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 di amounts in the formula to the ne Abbreviations used: DM = Direc Requirements umbers. Enter currency Javorable (F) or unfavorable (U). First determine the formula for th 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. Print Done
