Earthern Ware 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.) Requirements 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. 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 1xc i Standards Direct materials (resin) 10 pounds per pot at a cost of $6.00 per pound 3.0 hours at a cost of $15.00 per hour Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate Choose fil $6.00 per direct labor hour $79,900 $13.00 per direct labor hour (DLH) .narte