Hosta Ceramics produces large planters to be used in urban landscaping projects. A special sarth clay b used to make the planters. The standard quarely of clay used for oach planter is 24 pounds. The company uses a standard cost of $2.00 per pound of clay Hosta produced 3,125 planters in May in that month. 78,125 pounds of clay were purchased and vied of the total cost of $150,000 Read the teokirements. Requirement 1. Calculate the direct material price variance. Begh by determiking the formula tor the price variance, then compute the price variance for the drect materials iEnter the varlance as a posidve number Enter currency amounts in the formula to the nearest ceet and then round the fnal varlance amount to the nearest whole doflar. Label the variance as fovorable (F) or unfavorable (U). Abbeviafons used DM = phect malwelak) Requlement 2 Calcolate the direct malenal quantiy variancel