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Question 1 of 11 This test: 100 point This question: 16 pr Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the actual results.) Click the icon to view the standards.) Read the requirements. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter curency amounts in the formula to the ne 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. ) DM price variance *( Determine the formula for the quantity variance, then compute the quantity variance for direct material DM quantity variance Requirement 2. Who is generally responsible for each variance? department is responsible for the materials quantity variance The department is responsible for the materials price variance. The Requirement 3. Interpret the variances. The materials price variance means that the actual price Country Designs personnel paid for resin the standard budgeted price for resin. Question 1 of 11 > Country Designs is a manufacturer 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.) Read the requirements. CIRCON Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter curres 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. W DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct material. B DM quantity variance Requirement 2. Who is generally responsible for each variance? The department in W Requirement 1, Compute the direct material price vanance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and thert round the fi to the nearest whole dolar. 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 DM price variance Determine the formula for the quantity variance, then compute the quantity variance for direct material. DM quantity variance Requirement 2. Who is generally responsible for each variance? The department is responsible for the materials quantity variance department is responsible for the materials price variance. The Requirement 3. Interpret the variances The The resin than they should have to produce 1,300 pots materials price variance means that the actual price Country Designs personnel paid for resin materials quantity variance means that Country Designs employees used the standard budgeted price for resin. Time Remaining: 01:45 EES ce 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 e (F) or unfavorable (U). Abbreviations used: DM Direct materials) mpute the price variance for direct materials. DM price variance bute the quantity variance for direct material DM quantity variance ance? als price variance. The department is responsible for the materials quantity variance. actual price Country Designs personnel paid for resin Country Designs employees used resin than they should have to produce 1,300 pots. the standard budgeted price for resin. he direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and ther unfavorable (L) Abbreviations used: DM-Direct materiale) ne pri Requirements - X 1 1. Compute the direct material price variance and the direct material quantity variance. qua 2. Who is generally responsible for each variance? 3. Interpret the variances. Print Done e var the standard budgeted price for resin. price Country Designs personnel paid for resin an (F) put ute ianc als e act Standards Direct materials (resin) 13 pounds per pot at a cost of $4.00 per pound Direct labor 4.0 hours at a cost of $17.00 per hour Standard variable manufacturing overhead rate.... $7.00 per direct labor hour Budgeted fixed manufacturing overhead $50,000 Standard fixed MOH rate $10.00 per direct labor hour (DLH) ... Print Done resin than they should have to produce 1,300 pots. der Designs employees used X to the nearest cent and then rou nce an ble (F) Comput ompute variand aterials p at the act Actual Results - X Country Designs 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 1,300 flower pots: Direct materials Purchased 18,510 pounds at a cost of $4.50 per pound, used 17,810 pounds to produce 1,300 pots Worked 4.5 hours per flower pot (5,850 total DLH) at a cost of $16.00 per hour Direct labor $7.20 per direct labor hour for total actual variable Actual variable manufacturing overhead , manufacturing overhead of $42,120 Actual fixed manufacturing overhead $49,500 Standard fixed manufacturing overhead allocated based on actual $52,000 production Done Print to the nearest cent and then round the