West Texas Chemical Company manufactures a product called Kylon, which requires three raw materials. Production is in batches of 1,000 gallons of finished product. The firm uses standard costs as a control device. Its standard costs for materials for each batch of Kylon have been established as follows: Material Starter Acid Activator Total standard cost Quantity 740 gal. 170 gal. 90 gal. 1,000 gal. Standard Cost per Gallon $1.60 4.00 9.00 Standard Cost per Batch $1,184.00 680.00 810.00 $2,674.00 The output is packaged in 50-gallon drums. During the month of June 2019, 200 drums of Kylon were produced. There was no beginning or ending inventory of work in process. The materials actually used during June are listed below: Material Starter Acid Activator Quantity 7,470 gal. 1,730 gal. 630 gal. Cost per Gallon $ 1.40 4.40 11.70 Required: 1. Compute the total variance between the actual cost of the materials used during June and the standard cost of the materials. Also compute the total variance for each type of material. 2. Analyze the variances for each type of material for the month. Analyze: Which raw materials were obtained at a price that was lower than standard cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Compute the total variance between the actual cost of the materials used during June and the standard cost of the materials. Also compute the total variance for each type of material. (Indicate the effect of each variance by selecting Favorable, Unfavorable, and "None" for no effect (i.e., zero variance).) WEST TEXAS CHEMICAL COMPANY Analysis of Materials Variances For Month of June 2019 Costs Standard Actual Quantity Variances Cost Elements Price Starter Standard Actual Quantity variance Price variance Acid Standard Actual Quantity variance Price variance Activator Standard Actual Quantity variance Price variance Totals $ 0 $ 0 0 $ 0 Required 1 Required 2 Analyze Analyze the variances for each type of material for the month. (Indicate the effect of each variance by selecting Favorable, Unfavorable, and "None" for no effect (i.e., zero variance).). Standard Actual Variance Starter Acid Activator Total $ 0 0 $ 0 Analyze: Which raw materials were obtained at a price that was lower than standard cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze Which raw materials were obtained at a price that was lower than standard cost? Standard cost