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 ) Requirements 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? 2. Compute the fixed manufacturing overhead variances. What do each of these variances tell management? Requirement 1. Compute the variable manufacturing overhead variances. What do each of these variances tell management? (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar Label the variance as favorable (F) or unfavorable (US) Begin by computing the variable manufacturing overhead rate variance. First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. Variable overhead rate variance yo te DF Der og 1. Compute the variable manufacturing overhead vacances. What do each othese variances all ma 2. Standard price and volume - XL Variable overed Fortici VPN Rel Standard rate *(Standard hours tell ne he fav 10 pounds per pot at a cost of Direct materials (resin). $5.00 per pound 4.0 hours at a cost of $18.00 per Direct labor hour Standard variable manufacturing overhead rate.. $2.00 per direct labor hour Budgeted fixed manufacturing overhead $36 200 67. nordict laber bac RDP01 Be var hle hd Employn Update Print Done PDF line 2. What do each of these variances tell Standard price and volume Direct materiais (resin). . Variable Rel tell nes fav Standar 33.00 per pound 4.0 hours at a cost of $18.00 per hour Direct labor. Standard variable manufacturing overhead * Stand he rate.... Be var Budgeted fixed manufacturing overhead $2.00 per direct labor hour $36,200 $7.00 per direct labor hour (DLH) ate Standard fixed MOH rate ed Print Done Actual results TY standard direct labor hours. Last month, the company reported the following actual results for the production of 1,400 flower pots Purchased 15,680 pounds at a cost of $5.10 per pound; used 14,980 pounds to produce Direct materials. 1,400 pots Worked 4.4 hours per flower pot (6,160 total Direct labor .DLH) at a cost of $17.00 per hour Actual variable manufacturing $2 70 per direct labor hour for total actual overhead variable manufacturing overhead of $16,632 Actual fixed manufacturing overhead $ 35,900 Standard fixed manufacturing overhead allocated based on actual production S39 200 . Print Done