Flower CAy Ceramict prodoces large plartos to be uned in ubin landscapeng progecs A special eath eloy is used to make tho piarters. The standard quavey at ctay used for each planter is a1 pounds. The Read the theurements Requirement 1. Calculate the dired makial pece varance 1-DMpricevaronoey= mpany uses a standard cost of $2,20 per pound of clay. Flower City produced 2,500 planters in May In that month, 80,000 pounds of clay were purchased and used at the total aad the requirements. equirement 1. Calculate the direct material pnce variance. Egin by determining the formula for the price varianice, then compule the price variance for the direct materials, (Enter the-variance as a positive number. Enter currency amounts. ent and then round the final variance amour prable (U). Abbreviabions used: DM = Direct materials)