(This question is from Chapter 10-14 of Managerial accounting 16th edition by Ray Garrison)

Problem 10-14 Basic Variance Analysis [Lo10-1, LO10-2, LO10-3] Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity or Hours Standard Price Standard or Rate $15.00 per ounce $15.00 per hour $ 3.50 per hour Cost Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit 2.10 ounces 0.80 hours 0.80 hours $31.50 12.00 2.80 $46.30 During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 10,500 ounces at a cost of $143,325 b. There was no beginning inventory of materials; however, at the end of the month, 3,050 ounces of material c. The company employs 21 lab technicians to work on the production of Fludex. During November, they each d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable e. During November, the company produced 3,500 units of Fludex remained in ending inventory worked an average of 160 hours at an average pay rate of $13.50 per hour manufacturing overhead costs during November totaled $6,800 For direct materials, compute the price and quantity 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.) Materials price variance Materials quantity variance For direct labor, compute the 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.) Labor rate variance Labor efficiency variance 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.) Variable overhead rate variance Variable overhead efficiency variance