DUTE Earthern Ware is a manufacturer of large flower pots for urban settings. The company has these standards (Click the icon to view the standards) E (Click the icon to view the actual results) 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, = DM price variance 05 as positive numbers dil on round the final vanance amount to the nearest whole dollar Label the variance orable (H) or unfavorable (U) Abbreviations used DM = Direct materials) determine Standards Direct materials (resin) Direct labor.. Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate.. 10 pounds per pot at a cost of $300 per pound 4.0 hours at a cost of $2300 per hour $200 per direct labor hour $71,000 $0.00 per direct labor hour (DLH) Print Done Actual results Earthern Ware 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 2,000 flower pots Purchased 21,300 pounds at a cost of $3.40 per pound Direct materials. used 20,800 pounds to produce 2,000 pots Worked 4 5 hours per flower pot (9.000 total DLH) ata Direct labor. cost of $2100 per hour Actual variable manufacturing $2 60 per direct labor hour for total actual variable overhead manufacturing overhead of $23.400 Actual fixed manufacturing overhead $70,400 Standard fixed manufacturing overhead allocated based on actual production $72.000 have Print Done k answer UM - Uicillaterials) Odre the font Requirements le 1. Compute the direct material price variance and the direct material quantity variance 2. Who is generally responsible for each variance? 3. Interpret the variances Print Done