GrandScapes is a manutactures of large fower pots for urban- settings. Tho compony has these standards [Clck the icon to view the sitindards) Clek the icon to vew the acchai tesselts) Feed the cemilmements. Requirement 1. Compute the direct inatenal price variance and the decect material quantify varance iEnter the vanauces as positive numbers Enter currency amounts in the formula to the hearest cent and then found the final vatance amount to the nearest whole dollar Label the variance as favorable (F) or untivorable (U) Abbieviations used DM = Orect matentati) Fust determine the formula for the price vatiance. then compute the pice visiance for diroct materials Requirements 1. Compitie the decect material price visiance and the deect materiat quantity variance 2. Who is generusy iesponsible lot each vennace? 3. Interperet the vanances 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 1,500 . flower pots: Standards