(Click the icon to view the actual results.) Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. Standards ) = DM price variance Requirements 11 pounds per pot at a cost of $6.00 per pound 1. Compute the direct material price variance and the direct material quantity variance. Direct materials (resin).. Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate..... 3.0 hours at a cost of $14.00 per hour $6.00 per direct labor hour $50,800 $11.00 per direct labor hour (DLH) Print Done 2. Who is generally responsible for each variance? 3. Interpret the variances. Print Done Actual Results Grand Display 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 1,600 flower pots: Direct materials.. Direct labor Actual variable manufacturing overhead Purchased 18,420 pounds at a cost of $6.50 per pound; .used 17,920 pounds to produce 1,600 pots Worked 3.5 hours per flower pot (5,600 total DLH) at a ..cost of $13.00 per hour $6.40 per direct labor hour for total actual variable ... manufacturing overhead of $35,840 Actual fixed manufacturing overhead $50,500 Standard fixed manufacturing overhead allocated based on actual production $52,800 Print Done - X