Question Help come E11-28A (similar to) Elegance 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. 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 the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials ) - DM price variance 1 / / 1 Actual Results Elegance 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 2,000 flower pots: Direct materials Purchased 18,100 pounds at a cost of $4.10 per pound; used 17,400 pounds to produce 2,000 pots Direct labor Worked 2.4 hours per flower pot (4,800 total DLH) at a cost of $12.00 per hour Actual variable manufacturing overhead .... $8.30 per direct labor hour for total actual variable manufacturing overhead of $39,840 Actual fixed manufacturing overhead ... ... $46,600 Standard fixed manufacturing overhead allocated based on actual production ... ... $48,000 Print Done