Country Designs 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.) Country Designs allocated fixed manufacturing overhead to production based on standard direct labor Read the requirements. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as pos 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. Requirement 2. Who is generally responsible for each variance? The department is responsible for the materials price variance. The department is responsible for t Requirement 3. Interpret the variances. The materials price variance means that the actual price Country Designs personnel paid for resin The materials quantity variance means that Country Designs employees used resin than they should ha Standards