Martin Company manufactures a powerful cleaning solvent. The main ingredient in the solvent is a raw material called Echol Information on the purchase and use of Echot follows Purchase of Echo Echolis purchased in 10-litre containers at a cost of $270 per container. A discount of 3% is offered by the supplier for payment within 10 days, and Martin Company tokes all discounts, Shipping costs, which Martin Company must pay, amount to $340 for an average shipment of one hundred 40 litre containers of Echol. Use of Echo The bill of materials calls for 2185 litres of Echol per bottle of cleaning solvent About 5% of all Echol used is lost through spillage or evaporation (the 21.85 litres above is the actual content per bottle). In addition, statistical analysis has shown that every 41st bome is rejected at final inspection because of contamination, Required: 1. Compute the standard purchase price for one litre of Echol. (Do nor round Intermediate calculations and round final answer to 2 decimal places.) Space 2. Compute the standard quantity of Echol (in litres) per saleable bottle of cleaning solvent (Round intermediate calculations and final answer to 2 decimal places.) Standard quantity litres 3. Using the data from parts (1) and (2), prepare a standard cost card showing the standard cost of Echol per bottle of cleaning solvent. (Round intermediate calculations and final answers to 2 decimal places.) Standard Cost Per Bottle Item Standard Quantity Standard Price Echo utros per litre