Q2 part 1 of 5

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Chic Design is a manutacturer of large flower pots for urban settings. The company has these standards (Click the icon to viw the standards.) (Cick the icon to view the actual results.) Read the recuirements. Requirement 1. Compute the direct material price variance and the direct matorial quantify variance. (Entor the vanances as posicve numben. Enter cumency amounts in the formula to the neanst cent and then round the final varance amount to the nearest whole dollag. Label the vanance as favorable (R) or unfovorable (U) Abbrevisons used DM = Drect materiab). First determine the formula for the price variance, then compute the price variance for diect materials. Standards Actual Results Chic Design allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual resulte for ahe standard drectiabor flower pots: Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to vieww the standards.) Read the reguirements. (Click the icon to vipw the actual results) Requirement 1. Compute the diroct materiai price variance and the direct material quantity variance. (Enter the vaciances as postive numbers. Enter cent and then round the First determine the form Requirements 1. Compute the direct material price variance and the direct material quantyy variance. 2. Who is gonerally responsible for each variance? 3. interpret the variances