ountry Designs 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.) Standards Actual Results Requirement 1. Compute the direct material peice variance and the direct materal quantity variance. (Enter the variances as positive numbers Enter cumency amounts in the formula to the nesest cent and then round the final variance aqount to the rearest whole dolst. Labes the variance as tavorable (F) or unfavorable (U). Ahtreviations used: DM = Direct materials) First determine the formula for the pirce variance, then conqute the price variance for diect materials: Determine the formuia for the quanty variance, then compute the quantity variance lor direct materal. Requirement 2. Who is generaly responsible tor each vanance? The deparment is responcible for the msier bas price variance. Thet department is iesponsible for the materias duantby varance. Requirement 3. Interpet the variances The maletials price vararice mears that the aciual price Country Designs peisornel paid for resin the standard budgefed price for resm