Elegance Products is a manufacturer of large flower pots for urban settings. The company has these standards: 7(Click the icon to view the standards.) Requirements 1. Compute the standard cost of each of the following inputs per pot: direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead. 2. Determine the standard cost of one flower pot. Requirement 1. Compute the standard cost of each of the following inputs per pot: direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead. (Round your answers to the nearest cent.) (1) x (2) = Standard cost of input Direct materials pound x per pound = Direct labor hours x per hour = Variable manufacturing overhead hours x per hour = Fixed manufacturing overhead hours x per hour = Requirement 2. Determine the standard cost of one flower pot. (Enter your answer to the nearest cent.) The standard cost of one flower pot is $ . 7: Data Table Direct materials (resin) 10.8 pounds per pot, at a cost of $4.40 per pound Direct labor 1.6 hours at a cost of $16.15 per hour Standard variable manufacturing overhead rate $3.70 per direct labor hour Predetermined fixed manufacturing overhead rate . $6.15 per direct labor hour Elegance allocates variable and fixed manufacturing overhead to production based on standard direct labor hours. (1) Actual quantity Standard quantity Total overhead (2) Actual price Fixed overhead Standard price Variable overhead