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2 Becton Labs, incorporated, produces various chemical compounds for industrial use. One compound, called Pludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Ouantity or Standard Price or Hours Rate 2.30 ounces $ 17.00 per ounce 0.60 hours $ 13.00 per hour 0.60 hours $ 2.50 per hour Standard Coat $ 39.10 7.80 1.50 $ 48.40 During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 11,500 ounces at a cost of $178,825. b. There was no beginning inventory of materials; however, at the end of the month, 3,150 ounces of material remained in ending Inventory The company employs 17 lab technicians to work on the production of Fludex. During November, they each worked an average of 160 hours at an average pay rate of $11.50 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $3,000. 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 17 technicians employed in the production of Fiudex consisted of 4 senior technicians and 13 assistents. 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. 2 100 nours at an average pay rate or ibu per nour. d. Variable manufacturing overhead is assigned to Fiudex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $3,000. e. During November, the company produced 3,500 units of Fiudex 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 17 technicians employed in the production of Fludex consisted of 4 senior technicians and 13 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. Complete this question by entering your answers in the tabs below. Reg 2B Req 1A Ref 18 Reg 2A Reg 3 For direct materials, compute the price and quantity variances. (Indicate the effect of each variance by selecting "e" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance RIA Reg 1B >