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 TE Actual Results Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as pos amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direc Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance fo * DL rate vi * = Direct labor...... - X 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 1,500 flower pots: Purchased 17,600 pounds at a cost of $5.30 per pound; Direct materials used 17,100 pounds to produce 1,500 pots Worked 4.5 hours per flower pot (6,750 total DLH) at a .cost of $19.00 per hour Actual variable manufacturing $4.50 per direct labor hour for total actual variable overhead ......................... manufacturing overhead of $30,375 Actual fixed manufacturing overhead $46,700 Standard fixed manufacturing overhead allocated based on actual production........................ $48,000 Standard Price and Volume Direct materials (resin).. Direct labor...... Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate 11 pounds per pot at a cost of $5.00 per a . pound .4.0 hours at a cost of $20.00 per hour $4.00 per direct labor hour $47,000 $8.00 per direct labor hour (DLH) Print Done Clear all Check answer Print Done Requirements the 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