Orchard Ceramics produces large planters to be used in urban landscaping projects. A apecial earth clay is used to make the plantera. The stancard quantity of clay used for each planter is 35 pounds. The company uses a standard cost of $1.97 per pound of clay. Orchard produced 2,500 planters in May. In that month, 90,000 pounds of dlay were purchased and used at the total cost af $171,000 Read the aquiremenis Requirement 1. Caculate the direct material price variance. Begin by determining the formula for the price variance, thenompute the price variance for the direct materials. (Enter the variance as a positive number. Enter currency amounta in the formula to the nearest cent and then round the final varianoe amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) x ( x ( DM price variance Requirements 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance. Print Done