Evgance is a manctacturer of lange fower pots lor urban setings. The company has these standords (Cickthe ican b yew the stindeds) (Cick the icon to vies the achial resutse) Read the reguiements Fint deseanne the formala for the price varianse, then conpial the groe varance for drect matenda rement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency ame pund the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) letermine the fo Standards Actual Results 5. Enter currency amour 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 1,200 flower pots: 5. Enter currency amounts Actual Results Requirements 1. Compute the direct material price variance and the direct material quantity variance 2. Who is generally responsible for each variance? 3. Interpret the variances