Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter curre 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. x = DM price variance x i Standards X 9 pounds per pot at a cost of $5.00 per Direct materials (resin) -pound Direct labor..... .3.0 hours at a cost of $18.00 per hour Standard variable manufacturing overhead rate ..... $5.00 per direct labor hour Budgeted fixed manufacturing overhead ... $33,800 Standard fixed MOH rate.. $7.00 per direct labor hour (DLH) i Actual Results X Chic Design 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 1,800 flower pots: Purchased 17,140 pounds at a cost of $5.40 per pound; Direct materials. .. used 16,740 pounds to produce 1,800 pots Worked 3.2 hours per flower pot (5,760 total DLH) at a Direct labor..... cost of $17.00 per hour Actual variable manufacturing $5.30 per direct labor hour for total actual variable overhead... ... manufacturing overhead of $30,528 Actual fixed manufacturing overhead $33,100 Standard fixed manufacturing overhead allocated based on actual Requirements production.... $37,800 X Print Da 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. Choose from any list or enter any number in the input fie