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E11-28A (similar to) Question Help Ceramics Etc. 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.) Requirements 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. 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 variance, then compute the price variance for direct materials. Standards x DM price variance x Direct materials (resin). 11 pounds per pot at a cost of $5.00 per pound 4.0 hours at a cost of $18.00 per hour Direct labor... Standard variable manufacturing overhead rate $6.00 per direct labor hour $38,000 Budgeted fixed manufacturing overhead Standard fixed MOH rate $7.00 per direct labor hour (DLH) Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check Answer X i Actual Results Ceramics Etc. 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: Direct materials .. Purchased 17,950 pounds at a cost of $5.40 per pound; used 17,550 pounds to produce 1,500 pots Direct labor... Worked 4.5 hours per flower pot (6,750 total DLH) at a cost of $17.00 per hour Actual variable manufacturing overhead . . . . . $6.70 per direct labor hour for total actual variable manufacturing overhead of $45,225 Actual fixed manufacturing overhead $37,600 Standard fixed manufacturing overhead allocated based on actual production ... $42,000 Print Done