Standard Price and Volume Actual Results Elegant Designs allocates fixed manufacturing overhead to production based on standard direct labor hours. Last month, Elegant Designs reported the following actual results for the production of 1,600 flower pots: Elegant Designs is a manulacturer 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 variable manulacturing averthosd variances. What do esch of these variances tell management? 2. Compute the fred manufacturing everthead variances. What do each of these variances tel management? Begin by compuing the varabie manulacturing overhead rate variance. First determine the formula for the rate variance, then compute the rase variance for variable marufactiring overfead