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 Germant (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 cunency 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. 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 Print Done DM price valance Actual Results - X 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 1,800 flower pots Direct materials. Direct labor. Actual variable manufacturing overhead. Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production. Purchased 26.500 pounds at a cost of $3.30 per pound used 26,100 pounds to produce 1,800 pots Worked 35 hours per flower pot (6,300 sotal DLH) at a cost of $10.00 per hour $7.30 per direct labor hour for total actual variable manufacturing overhead of $45,990 $25,300 $27,000