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 $28.00 per ounce $13.00 per hour S 3.60 per hour Standard Standard Quantity Cost Direct materials Direct labor Variable manufacturing overhead 2.50 ounces 0.50 hours 0.50 hours S 70.00 6.50 1.80 $ 78.30 During November, the following activity was recorded relative to production of Fludex: a. Materials purchased, 13,500 ounces at a cost of $361,800 b. There was no beginning inventory of materials; however, at the end of the month, 2,900 ounces of C. The company employs 21 lab technicians to work on the production of Fludex. During November, they d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable e. During November, 4,200 good units of Fludex were produced material remained in ending inventory worked an average of 140 hours at an average rate of $11.50 per hour manufacturing overhead costs during November totaled $4,400 Required 1. For direct materials a. Compute the price and quantity variances. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).) Materials price variance Materials quantity variance