Question Help Lilly Ceramics producen 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 24 pounds. The company uses a standard cost of $2.15 per pound of clay. Lly produced 3,000 planters in May. In that month, 75,000 pounds of clay were purchased and used at the total cost of $153,000 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 cont 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) x ) = DM price variance x Requirements 1. Calculato the direct material price varianon 2. Calculate the direct material quantity variance. Print Done 2 Check Answer Choose from any list or enter any number in the input fields and then click Check Answer. Clear All 1 part part remaining 9. Fa esc 1 & %23 3 $ 4 7 7 V 8 a 9 a 6 5 0 E re S 2 1 w Y U T 0 1 R E W co K c HTJ smlar ) Lily Ceramics produces large planters to be used in urban landscaping projects. A special ea planters in May. In that month, 75,000 pounds of clay were purchased and used at the total c 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 t Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct mate VX ( Actual hours Actual price Actual quantity purchased Standard hours allowed Standard price Standard quantity allowed Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining