Dolphin Ceramics produces large planters to be used in urbac landecapung projects. A speclal earth clay is used to make the placters. The standard quartiy of ciay used for each planter is 31 pounds. The company uses a standard cost of $2.20 per pound of clay. Dolphin produced 2.500 planten in May. In that moneh, 80,000 pounds of clay were purchased and used at the total coet of 5172000 Resd the reguitements Requirement 1. Calculate the dired material price vaviance. Begin by determining the farmula for the price variance, then compule the price variance for the droct materials. (Enter the vanance as a positve aumbee. Eritar curmency amounti in 7he formical to the nearest cent and then round the final varance amount to the nearest whole dolar. Label the variance as favoratie (F) or unfovenable (U) Abbrevidons used DM = Drect materials) Requirement 2 Calculate the diroct material quanty variance nearest cent and then round the final variance amount to the Hearest whole dollar Label the vanance as tavorable (F) or undayoratle (U)) 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance