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Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distiling process. The compony has developed standard costs for one unit of Fludex, as follows: 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. c. The company employs 17 lab technicians to work on the production of Fludex. During Novembet, 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 lobor-hourstvariable manufacturing overhead costs during November totaled $3,000. e. During November, the company produced 3,500 units of Fudex. 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 fower 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