22 Ferry Chemical uses a standard cost system to account for the costs of its production of Chemical X. Standards are 1.6 gallons of materials at $107 per gallon and 12 hours of labor at a standard wage rate of $14. During September, Ferry Chemical produced 2.550 gallons of Chemical X. Ferry Chemical purchased and used totaled 3,590 gallons at a total cost of $387180. Payroll totaled $304,730 for 25,530 hours worked. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of varlance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance).) 8 00:09:13 Price Variance b. Calculate the direct materials quantity variance (Indicate the effect of variance by selecting "Favorable "Unfavorable", or "None for no effect (.e., zero variance).) B y Variance !!! Next >