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- X Actual Results Ceramics Etc. 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. 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 1.800 flower pots: Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. X = DM price variance x Direct materials Purchased 22,540 pounds at a cost of $5.10 per pound; used 22,140 pounds to produce 1,800 pots Direct labor Worked 3.4 hours per flower pot (6,120 total DLH) at a cost of $13.00 per hour Actual variable manufacturing overhead $7.30 per direct labor hour for total actual variable manufacturing overhead of $44,676 Actual fixed manufacturing overhead $57,200 Standard fixed manufacturing overhead allocated based on actual production ....... $59,400 Determine the formula for the quantity variance, then compute the quantity variance for direct material x DM quantity variance X Requirement 2. Who is generally responsible for each variance? The department is responsible for the materials price variance. The department is responsible for the materials quantity variance. Requirement 3. Interpret the variances. Standards Print Done The v materials price variance means that the actual price GardenScapes' personnel paid for resin the standard budgeted price for resin The materials quantity variance means that GardenScapes' employees used resin than they should have to produce 1,800 pots. Direct materials (resin) 12 pounds per pot at a cost of $5.00 per pound 3.0 hours at a cost of $14.00 per hour Direct labor Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead Standard fixed MOH rate $7.00 per direct labor hour $57,400 $11.00 per direct labor hour (DLH) Choose from any list or enter any number in the input fields and then continue to the next question. Print Done