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.) tead the requirements. Standards Actual Results Country Designs allocated fixed manufacturing overhead to production based on standard direct Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Entet the variances as postive numbers Enter currency amounts in the formula to the rearest cent and then round the final variance amount to the nearest whole dollat. Label the variance as favorable (F) or untavorable (U). Abbreviations used DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. Determine the formula for the quanty vaniance, then compute the quantiry variance for direct material. Requirement 2. Who is generally iesponsible tof each vaniance? The department is responsble for the materias price variance. The department is responsible for the materias quantity vanance. Requirement 3, interpret the vanances The materais price vaiance means that the sctual pace Courtry Desgns persomel paid for resin the standard bydocted price for resin