GrandScapes is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements Requirements (Click the icon to view the actual results.) 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 neares 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. DM price variance GrandScapes is a manufa Question list K Click the icon to view t Question 1 Question 2 Requirement 1. Compute t cent and then mund the f %Que Actual Results Que Requirements 1. Compute the direct material price variance and the direct material quantity 2. Who is generally responsible for each variance? 3 interpret the variances Done points 0 of 1 Save e numbers Enter currency amounts in the formula to the horeviations uset DM Direct materials) Grandtopes allocated fed manufacturing overhead to production based on standand direct labor hours. Last month, the company reponed the following actual results for the production of 1,000 fower pots Que Direct materials Direct labor Que Actual variable manung Purchased 11,000 pounds at a cost o 520 per poun used 10,000 pounds to produce 1,000 po Worked 54 hours per tower pot (5.400 Actual feed manufacturing overhead 130.000 Standard fixed manufacturing overhead allocated based on die aber hose for all vara Standards Direct materials (resin) Direct Standard variable manufacturing overhead Budgeted fled manufacturing overhead Standard fixed MOH rate sound 0 hours at al of $14.00 per hour 3 per direct labor hour $31.000 $7.00 per dret bor hour (DLH) 18 $36.000 300 Print Done % Que Help me solve this Video Get more help Print Done Clear all stion list uestion 11 Question 2 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 X e standards: al results) C Question 3 Print Done riance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the n as favorable (F) or unfavorable (U) Abbreviations used DM-Direct materials) aterials Standards Direct materials (resin) Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate 10 pounds per pot at a cost of $6.00 per pound 5.0 hours at a cost of $14.00 per hour $2.00 per direct labor hour $31,000 $7.00 per direct labor hour (DLH) Actual Results GrandScapes 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 1,000 flower pots Direct materials Direct labor Actual variable manufacturing overhead Purchased 11,000 pounds at a cost of $5.20 per pound; used 10,600 pounds to produce 1,000 pots Worked 5.4 hours per Sower pot (5,400 total DLH) at a cost of $13.00 per hour $2.20 per direct labor hour for total actual variable manufacturing overhead of $11,880 Actual fixed manufacturing overhead $30,600 Standard fixed manufacturing overhead allocated based on actual production $35,000 Print Done Help me solve this Video Get more help Print Done GrandScapes is a manufacturer of large flower pots for urban settings. The company has these standards: Click the icon to view the standards.) Read the requirements (Click the icon to view the actual results.) 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 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. DM price variance