Chic Design is a manufacturer of large flower pots for urban settings. Th EEB (Click the ioon to view the standarls.) EEB(Click the icon to view the actual resulta.) Read the requirements e company has these standards. Requirement 1. Compute the direct labor rate variance and the direct labor etficiency variance. (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 untavorable (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 tor direct labor DLrate variance Actual Results Chic Design allocated fixed manufacturing overhead to production based on standard direct labon hours. Last month, the company reported the following actual results for the production of 1,200 lower pots Standard Price and Volume Direct materials Purchased 15,240 pounds at a cost of S5.10 per pound; Usod 14,640 pounds lo produce 1,200 pots Worked 3,4 hours per flower pot (4,080 total DLH) at a cost of $13.00 per hour S8.40 per direct labor hour for total actual variable manufacturing overhead of $31,272 $41,900 Direct materials (resin) 12 pounds per pot at a cost ol 55.00 per pound Direct labor Direct labor 3.0 hours at a cost of $14.00 per hour Standard variable marufacturing Actual variable manufacturing overhead overhead rale Budgeted fixed manulacturing overhead Standard fixed MOH rate $8.00 per direct labor hour $42,200 $12.00 per direct labor hour (DLH) Actual fixed manufacturing owerhead Standard fixed manufacturing overhead allocated based on actual production PrintDone $43,200 Print Done