- X (Click the icon to view the standards.) (Click the icon to Requirements d the requirements. 1. Compute the direct material price variance and the direct material quantity variance 2. Who is generally responsible for each variance? quirement 1. Compute the direct material price variance and the direct mater 3. Interpret the variances. the nearest cent and then round the final variance punt to the nearest whole dollar. Label the variance as favorable (F) or unfave t determine the formula for the price variance, then compute the price varian Actual Results X Standards CenterWare 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 1,500 flower pots: 14 pounds per pot at a cost of $4.00 per Direct materials (resin) . . . pound Purchased 22, 150 pounds at a cost of $4.40 per pound; Direct labor. . . . . . . . 3.0 hours at a cost of $15.00 per hour Direct materials . . . . . . used 21,450 pounds to produce 1,500 pots Worked 3.4 hours per flower pot (5, 100 total DLH) at a Standard variable manufacturing overhead rate . . . . . $7.00 per direct labor hour Direct labor. . . . . . . . . . cost of $14.00 per hour Budgeted fixed manufacturing overhead . . . . . .. . . . . $48,500 Actual variable manufacturing $7.70 per direct labor hour for total actual variable overhead . . . . . . . . . . . manufacturing overhead of $39,270 Standard fixed MOH rate. . . . . . . . . . . . . . . . . . . . . . . . $11.00 per direct labor hour (DLH) Actual fixed manufacturing overhead $48,200 Standard fixed manufacturing overhead allocated based on actual production . . . . . . . . . . . . . . . $49,500 Print DoneCenterWare is a manufacturer of large ower pots for urban settings. The company has these standards: g (Click the icon to view the standards.) g (Click the icon to view the actual results.) Read the @uirements. 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 nal 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 prioevariance x( _ ) =