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 Quantity 1.6 ounces 8 hours 80 hours Standard Price or Rate $6.40 per ounce $12.00 per hour $2.40 per hour Standard Cost $10.24 9.60 1.92 $21.76 Direct materials Direct labor Variable manufacturing overhead During November, the following activity was recorded relative to production of Fludex a. Materials purchased, 11,600 ounces at a cost of $70,760 b. There was no beginning inventory of materials; however, at the end of the month, 1,700 ounces of material remained in ending inventory. c. The company employs 40 lab technicians to work on the production of Fludex. During November, they worked an average of 80.00 hours at an average rate of $12.70 per hour d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $6,400 e. During November, 4,500 good units of Fludex were produced The company's management is anxious to determine the efficiency of the Fludex production activities Requirement 1: For direct materials used in the production of Fludex. Compute the price and quantity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Omit the"$" sign in your response.) Click to select) Click to select) Materials price variance Materials quantity variance