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Elegance is a manufacturer of large flower pots for urban settings. The company has these standards: 3 (Click the icon to view the standards.) (Click the icon to view the 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. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label 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. x( = DM price variance x( = Standards Direct materials (resin) 15 pounds per pot at a cost of $6.00 per pound Direct labor 2.0 hours at a cost of $16.00 per hour Standard variable manufacturing overhead rate $2.00 per direct labor hour Budgeted fixed manufacturing overhead $21,600 Standard fixed MOH rate $8.00 per direct labor hour (DLH) Print Done i Actual Results 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 1,600 flower pots: Direct materials Direct labor Purchased 24,880 pounds at a cost of $6.20 per pound; used 24,480 pounds to produce 1,600 pots Worked 2.5 hours per flower pot (4,000 total DLH) at a cost of $13.00 per hour $2.20 per direct labor hour for total actual variable manufacturing overhead Actual variable manufacturing overhead of $8,800 $21,100 Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production $25,600 Print Done