GrandScapes 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.) Read the requirements 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 1,200 flower pots Purchased 11,660 pounds at a cost of $3.40 per pound; Direct materials used 11,160 pounds to produce 1,200 pots Worked 24 hours per flower pot (2,880 total DLH) at a Direct labor cost of $14.00 per hour Actual variable manufacturing $8.60 per direct labor hour for total actual variable overhead manufacturing overhead of $24.768 Actual fixed.manufacturing.overhead $17,000 Standard fixed manufacturing overhead allocated based on actual production $21,600 --- 9 pounds per pot at a cost of $3.00 per Direct materials (resin) pound Direct labor .20 hours at a cost of $16.00 per hour Standard variable manufacturing overhead rate ... $8.00 per direct labor hour Budgeted fixed manufacturing overhead $17,600 Standard fixed MOH rate $9.00 per direct labor hour (DLH) 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