Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards EEB (Click the icon to view the standards) Click the icon to view the actual results ) Requirements 1. Compute the direct materials price variance and the direct materials quantity variance 2. What is the total variance for direct materials? 3. Who is generally responsible for each variance? 4. Interpret the variances. Requirement 1. Compute the direct materials price variance and the direct materials 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 ( Determine the formula for the quantity variance, then compute the quantity variance for direct materials. DM quantity variance x ( x ( Requirement 2. What is the total variance for direct materials? The total variance for direct materials is $35,836 F Requirement 3. Who is generally responsible for each variance? The Requirement 4. Interpret the variances department is responsible for the materais price vanance. The urchasn departmentis responsible for the materals quantit vanance. Thematerials price variance means that the actual price Grand Ceramics personnel paid for resin did not exceed the standard budgeted price for resin. The Ymaterials quantity variance means that Grand Ceramics' employees used less resin than they should have to produce 1,700 pots