Reference the single photo below. I need my answers checked and the blanks filled in, please and thank you.
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Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Eff(Click the icon to view the actual results.) Read the requirements. 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. Actual quantity purchased Standard price Actual price = DM price variance U V Determine the formula for the quantity variance, then compute the quantity variance for direct material. Standard price Standard quantity allowed Actual quantity used ) = DM quantity variance * ( ) = U V Requirement 2. Who is generally responsible for each variance? The purchasing department is responsible for the materials price variance. The production |department is responsible for the materials quantity variance. Requirement 3. Interpret the variances. The unfavorable materials price variance means that the actual price Country Designs personnel paid for resin exceeded the standard budgeted price for resin. The unfavorable| materials quantity variance means that Country Designs employees used |more | resin than they should have to produce 1,300 pots. - X i Standards X i Actual Results Country Designs allocated fixed manufacturing overhead to production based on standard direct 13 pounds per pot at a cost of $4.00 per labor hours. Last month, the company reported the following actual results for the production of Direct materials (resin) . . . . . pound 1,300 flower pots: Direct labor. . . . ........ . 4.0 hours at a cost of $17.00 per hour Purchased 18,510 pounds at a cost of $4.50 per pound; Standard variable manufacturing overhead rate . . . . . $7.00 per direct labor hour Direct materials . . . . . . used 17,810 pounds to produce 1,300 pots Budgeted fixed manufacturing overhead . . . . . . . .. . .$50,000 Worked 4.5 hours per flower pot (5,850 total DLH) at a Direct labor. . . . cost of $16.00 per hour Standard fixed MOH rate. . . . . . . . . . . . . . . . . $10.00 per direct labor hour (DLH) Actual variable manufacturing $7.20 per direct labor hour for total actual variable overhead. . . . . . . . . . . . . . . . . . . . . . . . . manufacturing overhead of $42, 120 Actual fixed manufacturing overhead $49,500 Print Done Standard fixed manufacturing overhead allocated based on actual production . . . . . . . . . . . . .. . . . . . . . $52,000 Print Done
