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Orchard Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is 31 pounds. The company uses a standard cost of $2.20 per pound of clay. Orchard produced 2,500 planters in May. In that month, 80,000 pounds of clay were purchased and used at the total cost of $172,000 Read the requirements. Requirement 1. Calculate the direct material price variance. Begin by determining the formula for the price variance, then compute the price variance for the direct materials. (Enter the variance as a positive number. 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) Requirements 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance