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Complete this question by entering your answers in the tabs below. For labor cost in the lab, Compute a labor rate variance and a labor efficiency variance. (Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: 1. Compute a materials price variance for the plates purchased last month and a materlals quantity variance for the plates used last. month. 2. For labor cost in the lab: a. Compute a labor rate varlance and a labor efficiency variance. b. In most hospitals, one-half of the workers in the lab are senlor techniclans and one-half are assistants. In an effort to reduce costs, Valley View Hospital employs only one-fourth senior technicians and three-fourths assistants. Would you recommend that this policy be continued? 3-a Compute the varlable overhead rate and efficiency variances. 3-b. Is there any relation between the variable overhead efficiency variance and the labor efficiency variance? Complete this question by entering your answers in the tabs below. Compute the variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting " F " for favorable, " U ' for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positive values.) John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospitars lab Charges for lab tests are consistently higher at Valley View than at other hospitals and have resulted in many complaints. Also, because of strict regulations on amounts rembursed for lab tests, payments recelved from insurance companies and governmental units have not been high enough to cover lab costs Mr Fleming has asked you to evaluate costs in the hospitars lab for the past month. The following information is avallable: a. Two types of tests are performed in the lab-blood tests and smears. During the past month, 1,450 blood tests and 4,300 smears were performed in the lab. b Small glass plates are used in both types of tests. During the past month, the hospital purchased 21,500 plates at a cost of $53,105 3,300 of these plates were unused at the end of the month; no plates were on hand at the beginning of the month. c. During the past month, 3,300 hours of labor time were recorded in the lab at a cost of $37,785. d. The lab's variabie overhead cost last month totaled $29,370 Valley View Hospitai has never used standard costs. By searching industry iterature, however, you have determined the following nationwide averages for hospital labs: Piates: Three plates are required per lab test. These plates cost $2.60 each and are disposed of aner the test is completed Labor. Each blood test should require 0.8 hours to complete, and each smear shouid require 040 hours to complete The average cost of this lab time is $1250 per hour. Overhead. Overhead cost is based on direct labor-hours. The average fate for vanable overhead is $8.40 per hour Required: 1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. 2 For tabor cost in the lab a. Compute a labor rate variance and a labor efficiency variance b. In most hospitals, one-half of the workers in the lab are senior technicians and one-haif are assistants. In an effort to reduce costs. valley view Hospital employs only one-fourth senior techniclans and three-fourths assistants. Would you recommend that this policy be continued? 3-a. Compute the variable overnead rate and efficiency variances 3b. Is there any relation between the variable overhead efficiency varlance and the labor efficiency variance