GrandScapes is a manufacturer of large flower pots for urban settings. The company has these standards:

$($Click the icon to view the standards.$)$

Road the requirements.

Requirement $1.$ Compute the direct material price variance and the direct material quantity variance. $($Enter the variances as posit amount to the nearest whole dollar. Label the variance as favorable $($F$)$ or unfavorable $($U$).$ Abbreviations used: $DM=$ Direct mater

First detemine the formula for the price variance, then compute the price variance for direct materials.

Standards

Actuak Results

GrandScapes allocated fored manufacturing overhead to production based on standard direct labo hours. Last month, the company reported the following actual results for the production of $1,200$ fower pots:

Direct materials $q,$ Purchased $15,500$ pounds at a cost of $$6\mathrm{.}20$ per pound; $.$used $15,000$ pounds to produce $1,200$ pots Worked $2\mathrm{.}5$ hours per flower pot $(3,000$ total DLH$)$ at a

Direct labor $q,$ cost of $$11\mathrm{.}00$ per hour

Actual variable manufacturing $$5\mathrm{.}30$ per direct labor hour for total actual variable overhead. $q,$ manufacturing overhead of $$15,900$

Actual fixed manufacturing overhead $$17,900$

Standard fixed manufacturing overhead allocated based on actual production $............................$ $$21,600$ Please do it like how its done