II (cick the icon to view the sinedartic) Click the icon to vew the actal rewats.) Pread the thictertests Fint celermine the formula for the pree varianse, then conpule the frice vatiance for drect muterialt equirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variancestas positive numbers. Enter currency amounts an round the final variance amount to the nearest whole dollas Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) irst determine the formula fo 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. icon to view the standards.) Click the icon to view the actual results.) virements. Actual Results Elegance 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: . Enter curren M= Direct ma Standards