Elegant Designs is a manufacturer of large flower pots for urban settings. The company has these standards: Cick the icon to view the standards.) (Click the icon to view the actual results.) Read the requirsments. Requirement 1. Compute the direct labor rate variance and the direct labor effliency variance. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final vavance anounts to the nearest whole doltar. 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. Direct materials ( resin) 10 pounds per pot at a cost of $3.00 per pound hour Standard variable manufacturing overhead rate .... $3.00 per direct labor hour Budgeted fixed manufacturing overhead ........ $94,000 Actual Results Elegant Designs allocates fixed manufacturing overhead to production based on standard direct labor hours. Last month, Elegant Designs reported the following actual results for the production of 1,600