E11-21A (similar to) Assigned Media Question Help * The Garver Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Garver's purchased and used 103,000 pounds of potatoes at a price of $0.80 per pound. During the week, 1,900 direct labor hours were incurred in the plant at a rate of $12.30 per hour. The standard price per pound of potatoes is $1.00, and the standard direct labor rate is $12.00 per hour. Standards indicate that for the number of bags of frozen tries produced the factory should have used 99,000 pounds of potatoes and 1,800 hours of direct labor Read the requirements. Requirement 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the varlances as favorable (F) or unfavorable (U). Abbreviations used: DMDirect materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. Requirements DM price variance 1. Determine the diret material price and quantity variances. Be sure to label sach variance as favorable or unfavorable. 2. Think of a plausible explanation for the variances found in Requirement 1 3. Determine the direct labor rate and efficlency varlances. Be sure to label each ariace as favorable or unfavorable. 4. Could the explanation for the labor variances be tied to the material variances? Explain. Print Done Choose from any list or enter any number in the input flelds and then click Check