Elegance 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. 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.