Chic Design is a manulacturer of large flower pots for urban sottings. The company has these standards: (Click the ioon to vew the standards.) Click the icon to view the actual results.) Read the Requirement 1. Compute the direct material price variance and the direct materith quantiy variance. (Enter the variances as ponitive numbers. Enter currency amounts in the formula to the noarest pent and then round the final variance nowouet to the neareat whole dollar. Gatbel the varianoe as faverable (F) or unlavorable (U). Abbreviasions used: DM i Direct muterials) First dotemmine the lormula for the prioe variance. than compute the price variance for direct materials. Standards Actual Results 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 1,200 flower pots