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Champounds Laboratories Limited produce various chemical compounds for industriale One compound, cated Dichrome prepared using an wat diting process. The company developed standard cost for one unit of Dichromate as follows: Standard Quantity or Hours Standard Price or Rate Standard Cool Dve me Direct labour Variable manufacturing overhead Total standard cost perunt 2 gram 13 hours 3 hours 52100 per gram 524.00 hou 54.00 per hour $42.00 3120 520 57840 During October, the following activity was recorded related to the production of Dichromate Materiale purchased 11.000 grams at a cost of $214,500 There was no beginning inventory of material however, at the end of the month 2,000 grams of material remained in ending inventory The company employe 38 ab fechnicians to work on the production of Dichromal Duning October, they each worked on average of 160 hours at wrage pay rate of $23.50 per hout Variable manufacturing overhead is assigned to Dichromate on the basis of direct labour-hours. Variable manufacturing overhead cons during October totalted $22.800 During October, the company produced 4,450 units of Dichromate Required For direct materials Calculate the price and quantity variances (2 marks) 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? Explain. 12 mi) THE Champounds Laboratories Limited produce various chemical compounds for industriale One compound, cated Dichrome prepared using an wat diting process. The company developed standard cost for one unit of Dichromate as follows: Standard Quantity or Hours Standard Price or Rate Standard Cool Dve me Direct labour Variable manufacturing overhead Total standard cost perunt 2 gram 13 hours 3 hours 52100 per gram 524.00 hou 54.00 per hour $42.00 3120 520 57840 During October, the following activity was recorded related to the production of Dichromate Materiale purchased 11.000 grams at a cost of $214,500 There was no beginning inventory of material however, at the end of the month 2,000 grams of material remained in ending inventory The company employe 38 ab fechnicians to work on the production of Dichromal Duning October, they each worked on average of 160 hours at wrage pay rate of $23.50 per hout Variable manufacturing overhead is assigned to Dichromate on the basis of direct labour-hours. Variable manufacturing overhead cons during October totalted $22.800 During October, the company produced 4,450 units of Dichromate Required For direct materials Calculate the price and quantity variances (2 marks) 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? Explain. 12 mi) THE