Elegance is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements (Click the icon to view the actual results.) Requirement 1. Compute the direct labor rate variance and the direct labor efficiency 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 ion list estion 4 Elegance is a manuf (Click the icon to Read the requireme 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 estion 5 Requirement 1. Con nearest cent, then ro Begin with the direct uestion 61 Print Done ve numbers. Enter the currency amounts in the formulas to the rable (U) Abbreviations used DL Direct labor) direct labor Standard Price and Volume Direct materials (resin) Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate 13 pounds per pot at a cost of $3.00 per pound 3.0 hours at a cost of $16.00 per hour $5.00 per direct labor hour $28,400 $7.00 per direct labor hour (DLH) 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 1,400 flower pots: Direct materials Direct labor Actual variable manufacturing overhead Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production Purchased 19,840 pounds at a cost of $3.20 per pound used 19,040 pounds to produce 1,400 pots Worked 3.3 hours per flower pot (4.620 fotal DLH) at a cost of $15.00 per hour $5.50 per direct labor hour for total actual variable t manufacturing overhead of $25,410 $27,900 $29,400 Question 12 Print Done Print Done