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7 point Becton Labs, Incorporated, 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 or Standard Price or Standard Bate Cont Direct materials 2.10 ounces 5 15.00 per ounce $31.50 Direct labor 0.80 hours $ 15,00 per hour 12.00 Variable manufacturing overhead 0.80 hours $ 3.50 per hour 2.80 Total standard cont per unit 5.46.30 During November, the following activity was recorded related to the production of Fludex BON ference a. Materials purchased, 10,500 ounces at a cost of $143,325 b. There was no beginning inventory of materials; however, at the end of the month, 3,050 ounces of material remained in ending Inventory c. The company employs 21 lab technicians to work on the production of Rudex During November, they each worked an average of 160 hours at an average pay rate of $13.50 per hour d Variable manufacturing overhead is assigned to Fiudex on the basis of direct labor. hours. Variable manufacturing overhead costs during November totaled $6,800. e. During November, the company produced 3,500 units of Fludex Required: 1. For direct materials: a. Compute the price and quantity variances b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 2. For direct labor a. Compute the rate and efficiency variances b. In the past , the 21 technicians employed in the production of Fludex consisted of 5 senior technicians and 16 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances, book Complete this question by entering your answers in the tabs below. Print Once Red 1A Reg 18 Req 2A Req 28 Reg 3 For direct materials, 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 (le, zero variance). Input all amounts as positive values.) Misterials price variance Materials quantity variance PARA Reg 18> OD Complete this question by entering your answers in the tabs below. ferences Reg 1A Reg 15 Reg 2A Reg 20 Req3 For direct materials, the materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? Oros No Complete this question by entering your answers in the tabs below. Defence Reg 1A Reg 18 Reg 2A Reg 20 Reg 3 For direct labor, compute the rate and efficiency variances, (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect de zero variance), Input all amounts as positive values.) Laborrate variance Laboratoiency variann 7 point Becton Labs, Incorporated, 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 or Standard Price or Standard Bate Cont Direct materials 2.10 ounces 5 15.00 per ounce $31.50 Direct labor 0.80 hours $ 15,00 per hour 12.00 Variable manufacturing overhead 0.80 hours $ 3.50 per hour 2.80 Total standard cont per unit 5.46.30 During November, the following activity was recorded related to the production of Fludex BON ference a. Materials purchased, 10,500 ounces at a cost of $143,325 b. There was no beginning inventory of materials; however, at the end of the month, 3,050 ounces of material remained in ending Inventory c. The company employs 21 lab technicians to work on the production of Rudex During November, they each worked an average of 160 hours at an average pay rate of $13.50 per hour d Variable manufacturing overhead is assigned to Fiudex on the basis of direct labor. hours. Variable manufacturing overhead costs during November totaled $6,800. e. During November, the company produced 3,500 units of Fludex Required: 1. For direct materials: a. Compute the price and quantity variances b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 2. For direct labor a. Compute the rate and efficiency variances b. In the past , the 21 technicians employed in the production of Fludex consisted of 5 senior technicians and 16 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances, book Complete this question by entering your answers in the tabs below. Print Once Red 1A Reg 18 Req 2A Req 28 Reg 3 For direct materials, 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 (le, zero variance). Input all amounts as positive values.) Misterials price variance Materials quantity variance PARA Reg 18> OD Complete this question by entering your answers in the tabs below. ferences Reg 1A Reg 15 Reg 2A Reg 20 Req3 For direct materials, the materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? Oros No Complete this question by entering your answers in the tabs below. Defence Reg 1A Reg 18 Reg 2A Reg 20 Reg 3 For direct labor, compute the rate and efficiency variances, (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect de zero variance), Input all amounts as positive values.) Laborrate variance Laboratoiency variann