E Homework: Chapter 11 Homework Question 4, E11-30A (SI. Part 1 of 6 HW Score: 0%, 0 of 10 points O Points: 0 of 2 Save Grand Display is a manufacturer of large fiower pots for urban settings. The company has these standards: Click the icon to view the standards.) 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 vanance then compute the price variance for direct materials DM price vanance 100 7 - X Actual Results Standards 11 pounds per pot at a cost of $5.00 per Direct materials (resin) pound Direct labor......... 2.0 hours at a cost of $13.00 per hour Standard variable manufacturing overhead rate..... $7.00 per direct labor hour Budgeted fixed manufacturing overhead .S24.200 Standard fixed MOH rate... ... $8.00 per direct labor hour (DLH) ) Grand Display 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 1.700 flower pots: Purchasco 19.840 pounds at a cost of $5.20 per pound: Direct materials. used 19.040 pounds to produce 1.700 pols Worked 2.3 hours per lower pot (3.910 Lota DLH) at a Direct labor.....! .....oost of $12.00 per hour Actual variable manufacturing S7.60 per direct labor hour for total actual variable overhead ........ ..manufacturing overhead of S29.716 Actual fixed manufacturing overhead $23,900 Standard fixed manufacturing overhead allocated based on actual production....................... $27,200 Print Done Print Done Requirements 1. Compute the cired material price variance and the direct material quanlily variance 2. Who is generally responsible for each variance? 3. Interpret the variances H Clear All Check