Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards: III (Click the ioon to view the standards.) (Click the icon to view the actual results.) Read the requirements. Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the curtency 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 (U), Abbreviations used: DL= Direct labor) Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor. Standard Price and Volume Direct materials (resin) Direct labor 14 pounds per pot at a cost of $6.00 per pound 5.0 hours per pot at a cost of $18.00 per hour $3.00 per direct labor hour $52,000 $8.00 per direct labor hour (DLH) Print Done 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 1,400 flower pots: Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances