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Grand Display is a manufacturer of lavge flower pots for urban settings. The company has these standards: (Cick the icon to view the standards.) Read the reavirements (Click the icon to view the actual results.) () Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Emter the variances as positive numbers. Enter the currency amounts in the formulas in the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U), Abbreviations used: DL = Direct labor) Standard Price and Volume Actual Results Grand Display 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 1,600 Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances