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 foxed 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 (U).) Begin by coriputing the variable manufacturing overhead rate variance. First determine the formula for the rate variance, then compute the rate variance for variable manufacturing overhead. Standard Price and Volume 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 1,000 flower pots