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The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: Standard Quantity or Hours 5.0 millilitres 0.4 hours Standard Price or Rate $ 0.32 per millilitres $ 12.00 per hour Standard Cost $ 1.60 $ 4.80 Direct materials Direct labour During the most recent month, the following activity was recorded: a. 23,500 millilitres of material was purchased at a cost of $0.27 per millilitre. b. The company produced only 2,000 bottles, using 19,500 millilitres of material. (The rest of the material purchased remained in raw materials inventory.) c. 625 hours of direct labour time was recorded at a total labour cost of $7,500. Required: Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) & Answer is complete but not entirely correct. $ Materials price variance Materials quantity variance 1,175 F 4,320 X U $ Happy Valley Pet Products uses a standard costing system that applies overhead to products based on standard direct labour-hours allowed for actual output of the period. During the recent year, the following data were collected: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours Actual direct labour-hours Standard direct labour-hours allowed for the actual output $ 41,410 $ 39, 310 10,100 12,100 9,100 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Answer is complete and correct. Predetermined overhead rate $ 4.10 per DLH 2. Compute the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Answer is complete but not entirely correct. Fixed overhead budget variance 6,100