1. Caculate the cost of goods transferred out (tests completed and transferred out) for the month of Novemember.

2. Caculate MPV, MUV, LRV and LEV

Variance Analysis in a Process-Costing Setting (Chapter 6 Required), Service Firm Aspen Medical Laboratory performs comprehensive blood tests for physicians and clinics throughout the Southwest. Aspen uses a standard process-costing system for its comprehensive blood work. Skilled technicians perform the blood tests. Because Aspen uses a standard costing system, equivalent units are calculated using the FIFO method. The standard cost sheet for the blood test follows (these standards were used throughout the calendar year): Direct materials (4 oz. @ $4.50) $18 Direct labor (2 hrs. @ $18.00) 36 Variable overhead (2 hrs. @ $5.00) Fixed overhead (2 hrs. @ $10.00) Standard cost per test $84 10 20 For the month of November, Aspen reported the following actual results: a. Beginning work in process: 1,250 tests, 60 percent complete b. Tests started: 25,000 c. Ending work in process: 2,500 tests, 40 percent complete d. Direct labor: 47,000 hours at $19 per hour e. Direct materials purchased and used: 102,000 at $4.25 per ounce f. Variable overhead: $144,000 g. Fixed overhead: $300,000 h. Direct materials are added at the beginning of the process