Click the icon to view the standards.) (Click the icon to view the actual results) Requirements 1. Compute the direct materia prie varice and the direct material quantly variance 2. Who is generally responsible for each variance? 3. Interpret the varios 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 cert and the round the final variance around to the nearest whole ofer, Label the variance as favorable For unfavorable (U). Abbreviations used: DM Direct materials First determine the formula for the price variance, the compute the price variance for direct materiale Standards OM province Direct material resi) 15 pounds per a cost od 3600 Actual Rewits 5.0 hours at a cost of $16.00 per hour Grandscapes located feed manufacturing overed to production based on standard director hours. Last month, the company reported the following actual results for the production of 1.900 flower pots Direct materials Purchased 29.470 pounds a cost of $5.50 per pound used 20,00 pounds to Direct labor Standard variable manufacturing overhead rate Budgeted food maracturing overhead Standard feed MOH rate $8.00 per direct laborhout $84.500 $9.00 per direct labor hour (DLHO Print Done Direct labor Worked 55 hours per flower pot (10,450 total DLH) a cost of $15.00 per hour Actual variable manufacturing overhead .... 58.20 per director hour fortal actual variable manufacturing overhead of $85.000 Actual fund manufacturing overhead 50.200 Standard feed manufacturing overhead allocated based on adual production 585,500 Choose from TAB Check Answer parts remaining