E11-28A (similar to) Question Help Flower Mate 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.) 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 (C amant Ramnu i Requirements le 0) 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 Standards 8 pounds per pot at a cost of $3.00 . per pound . ---- Direct materials (resin) Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate 3.0 hours at a cost of $22.00 per hour $2.00 per direct labor hour $20,000 $5.00 per direct labor hour (DLH) . Print Done FlowerMate 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 1,600 flower pots: Purchased 14,000 pounds at a cost of $3.50 per Direct materials pound; used 13,600 pounds to produce 1,600 pots Worked 3.2 hours per flower pot (5,120 total DLH) at Direct labor .a cost of $21.00 per hour Actual variable manufacturing $2.20 per direct labor hour for total actual variable overhead ... manufacturing overhead of $11,264 Actual fixed manufacturing overhead $19,600 Standard fixed manufacturing overhead allocated based on actual production $24,000 .......... Print Done