III %E11-28A (similar to) Question Help Ceramics Eto, 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.) 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. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances es positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials Actual quantity purchased X Standard price Actual price DM price 13,300 X($ 4.00 4.50 $ 0,650 U Determine the formula for the quantity variance, then compute the quantity variance for direct mater Standard price x (Actual quantly purchased Standard quantity allowed 4.00 X 13300 31500 DM quantity variance 72800 5 Choose from any list or enter any number in the input fields and then click Check Answer, i Actual Results Ceramics Etc. 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: Direct materials ency ed: Direct labor Purchased 13,300 pounds at a cost of $4.50 per pound; used 12,600 pounds to produce 1,500 pots Worked 4.4 hours per flower pot (6,600 total DLH) at a cost of $20.00 per hour $3.70 per direct labor hour for total actual variable manufacturing overhead of $24,420 $63,800 Actual variable manufacturing overhead Actual fixed manufacturing overhead Standard fixed manufacturing overhead Print Done standards Standards price vari for each Direct materials (resin) direct mai e final val 8 pounds per pot at a cost of $4.00 per pound the price Direct labor Standard variable manufacturing 4.0 hours at a cost of $21.00 per hour x xls overhead rate uantity Budgeted fixed manufacturing overhead Standard fixed MOH rate $3.00 per direct labor hour $64,000 $11.00 per direct labor hour (DLH) X( Ad x any numi Print Done Print Done