jacket Jackson Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a (Click the icon to view the cost data.) Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers, Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials Now determine the formula for the quantity variance and compute the quantity variance for direct materials ) DM price variance