Grand Display is a manulachurer of targe fower pots for urtan settings. The company has these standards: (Cick the icon to vew the standards) (Click the icon to view the actuai resuls.) Read the cegurements. Requirement 1. Compute the direct isbor nate variance and be drect labor effcency variance. (Enter the varianowi as positive rimbens. Enter the cumency amounts in the formulas to the neareut cont then found the Enal varance amounts to the nearnst stiole dollar Label the variance as tavorible (F) or unfaverable (U). Abterevations used. DL * Drect labor) Begin with the drect iabor tale variance. First detertine the formula for the rate variance, then compute the rate viance for direct tabor. te the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the currency a amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor) Standard Price and Volume the currency ams Actual Results Grand Display 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 1,300 flower pots: the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the ci mounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor. Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances