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 to variance amount to the nearest whole dollar Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM Direct materials) DM price variance Requirements 1. Calculate the direct material price variance. 2. Calculate the direct material quantity variance Print Done