Grand Display is a manutacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) ;Cick the icon to view the actual results.) Read the roguirements. First determine the formula for the price variance, then compute the price vaciance for direct materials. \begin{tabular}{ll} 1 & 1=1= OM pnce varance \\ x1 & 1=1 \end{tabular} rand 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.) Standards Actual Results Grand Disnlav allocated fixed manufacturina overhead to nroduction based on standard direct 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