Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Price or Rate $29.00 per ounce $12.00 per hour $ 3.50 per hour Standard Standard Quantity Cost Direct materials Direct labor Variable manufacturing overhead0.60 hours 2.60 ounces 0.60 hours $75.40 7.20 2.10 $84.70 During November, the following activity was recorded relative to production of Fludex: a. Materials purchased, 14,000 ounces at a cost of $388,500 b. There was no beginning inventory of materials; however, at the end of the month, 2,950 ounces of material remained in ending inventory c. The company employs 22 lab technicians to work on the production of Fludex. During November, they worked an average of 150 hours at an average rate of $11.00 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $5,500 e. During November, 4,200 good units of Fludex were produced Required 1. For direct materials a. Compute the price and quantity variances. (Round your "price per ounce" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable and "None" for no effect (i.e., zero variance).) Variance Materials price variance Variance Materials quantity variance