Elegance is a manufacturer of farge 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 cosuirements Requirement 1. Compute the direct labor rate variance and the direct labor officiency variance. (Enter the variances as positive numbers Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U) Abbreviations used: DL - Direct labor) Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor DL rate variance Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances. Print Done x Standard Price and Volume the cu vorab 15 pounds per pot at a cost of $6.00 per Direct materials (resin). .. pound Direct labor.... .2.0 hours at a cost of $11.00 per hour Standard variable manufacturing overhead rate ..... $7.00 per direct labor hour Budgeted fixed manufacturing overhead . $28,200 Standard fixed MOH rate $12.00 per direct labor hour (DLH) Print Done Actual Results Elegance 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 1,300 flower pots: Purchased 20,520 pounds at a cost of $6.30 per pound; Direct materials ..used 20,020 pounds to produce 1,300 pots Worked 2.5 hours per flower pot (3,250 total DLH) at a Direct labor... cost of $10.00 per hour Actual variable manufacturing $7.60 per direct labor hour for total actual variable overhead manufacturing overhead of $24,700 Actual fixed manufacturing overhead $27,500 Standard fixed manufacturing overhead allocated based on actual production.. $31,200 egin with the direct labor rate variance. First determine the formula for the rate varia Actual hours Actual quantity purchased Actual rate Standard hours allowed Standard rate