John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospitar's iab, Charges for lab tests are consstently higher at Valley View than at other hospitals and have resulted in many complaints. Also, because of strict regulations on amounts reimbursed for lab tests, payments recelved from insurance companies and governmental units have not been. high enough to cover lab costs. Mi. Fleming has asked your to evaluate costs in the hospiars lab for the past month. The following information is arvailable. a. Two types of tests are performed in the lab-blood tests and smears. During the past month, 1000 blood tests and 3,400 smears were performed in the lab. b. 5 mall glass plates are used in both types of tests. During the past month, the hospital purchased 17.000 plates at a cost of $53.040 2,400 of these plates were unused at the end of the month; no plates were on hand at the beginning of the month. c. During the past month, 2,400 hours of labor time were recarded in the lab at a cost of $26,400. d. The lab's variable overhead cost last month totaled $19.200. Valkey View Hospisal has never used standard costs. By searching industry literature, howevec, you have determined the following nationwide averages for hospitat labs Plates: Three plates are required per lab test. These plates cost $3.25 each and are disposed of after the test is completed. tabor Each blood test should require 0.8 hours to complete, and eoch smeat should require 0.40 hours to complete. The average cost of this lab time is $11.60 per hour. Overhead: Overthead eost is based on difect labor-hours. The overage rate for variable overhead is $750 per hour Required: 1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. 2. For labor cost in the lab: i. Compute a labor rate variance and a labor efficiency variance. b. In most hospitals, one-haif of the worhers in the lob are senior technicians and one-haif are assistants: in an effort to reduce costs. Vatley View Hospital employs only one-fourth senlor technicians and three-fourths assistonts. Would you recommend that this poilcy be continued? 3-a. Compute the variable overhead rate and efficiency varlances. 3 b. Is there any relation between the variable overhead efficiency varlance and the labor efficiency variance? Complete this question by entering your answers in the tabs below. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. (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.) Complete this question by entering your answers in the tabs below. For labor cost in the lab, Compute a labor rate variance and a labor efficiency variance. (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 positiv values.) Complete this question by entering your answers in the tabs below. Compute the variable overhead rate and efficiency 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