Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the actual results.) Read the Actual Results Grand Display allocated fixed manufacturing overhead to production based on standard direct labor hniire I set mnnth the remnanis rannrtad tha fnllnwiinn antil racilte for the nrndirntion of 1 ann Standard Price and Volume Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. 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. \begin{tabular}{l|ll} ( & - & )= \\ ( & - & DL rate variance \\ ( & - \end{tabular} Now compute the direct labor efficiency variance. First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. Requirement 2. What is the total variance for direct labor? (Enter the amount as a positive number. Label the variance as favorable (F) or unfavorable (U).) The total variance for direct labor is Requirement 3. Who is generally responsible for each variance? The department is responsible for the labor rate variance. The department is responsible for the labor efficiency variance. Requirement 4. Interpret the variances. The labor rate variance means that Elegance's employees earned per hour than budgeted. The labor efficiency variance means that it actually took direct labor hours than it should have to produce 1,900 pots