%E11-28A (similar to) Question Help Flowerivate 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 direci malarial price variance and the direct material quantily variante. (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. Actual quantity purchased * Actual price Standard price 1 = DM price variance 13.020 xS 5.50 S 5.00 -X Actual Results ) = $ 6.510 Determine the formula for the quantity variance, then compute the quantity variance for direct material. Standard price * Standard quanlity allowed Actual quantily used $ 5.00 DM quantity variance Standards FlowerMato 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 1,100 flower pots: Purchased 13,020 pounds at a cost of $5.50 per pound; Direct materials..... used 12,320 pounds to produce 1,100 pots Worked 2.4 hours per fower pot (2,640 total DLH) at a Direct labor....... cost of $13.00 per hour Actual variable manufacturing $7.40 per direct labor hour for total actual variable overhead ......................., manufacturing overhead of $19,536 Actual fixed manufacturing overhead $25,000 Standard fixed manufacturing overhead allocated based on actual production.......... $28,600 11 pounds per pot at a cost of $5.00 per Direct materials (resin) pound Direct labor.... 2.0 hours at a cost of $14.00 per hour Standard variable manufacturing overhead rate ..... 57.00 per direct labor hour Budgeted fixed manufacturing overhead S25,600 Standard fixed MOH rate..... S13.00 per direct labor hour (DLH) Print Done Choose from any lig Print Done ? 3 parts Clear All remaining Check