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ce your time wisery to complete this exam. Question 16 30 pts PROBLEM. Please show your computations to receive full credit. Ferry Chemical uses a standard cost system to account for the costs of its production of Chemical X. Standards are 1.4 gallons of materials at $105 per gallon and 10 hours of labor at a standard wage rate of $12. During September, Ferry Chemical produced 2,600 gallons of Chemical X. Ferry Chemical purchased and used totaled 3,560 gallons at a total cost of $381,180. Payroll totaled $302,730 for 25,430 hours worked. Calculate the following variances: i. direct materials price variance ii. direct materials quantity variance iii. direct materials total (spending) variance iv. direct labor rate variance v. direct labor efficiency variance vi. direct labor total (spending) variance Edit View Insert Format Tools Table 12pt Paragraph B I IC Tv V