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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 Echol follows. Purchase of Echol: Echol is purchased in 20-litre containers at a cost of $240 per container. A discount of 2% is offered by the supplier for payment within 10 days, and Martin Company takes all discounts. Shipping costs, which Martin Company must pay, amount to $310 for an average shipment of one hundred 20 litre containers of Echol. Use of Echor. The bill of materials calls for 20.64 litres of Echol per bottle of cleaning solvent. About 4% of all Echol used is lost through spillage or evaporation (the 20.64 litres above is the actual content per bottle). In addition, statistical analysis has shown that every 4 ist bottle is rejected at final inspection because of contamination. Required: 1. Compute the standard purchase price for one litre of Echol. (Do not round intermediate calculations ond round final answer to 2 decimal ploces.) 2. Compute the standard quantity of Echol (in litres) per saleable bottle of cleaning solvent. (Round intermediate colculations and final answer to 2 decimal places.) 3. Using the data from paits (1) and (24, prepare a standard cost card showing the standard cost of Echol per bottle of cleaning solvent. (Round intermediate calculotions and final answers to 2 decimal places.)