Genie DNA Testing Inc. Genie does DNA testing for a genealogy website. The website company distributes and collects the DNA saliva samples and provides them to Genie for testing. The test requires one testing kit that has slides and preparation materials. There is a 1% allowance for test kit usage (1.01 test kits) to allow for defective test kits, failed tests, breakage and occasional re-testing. Each test takes 0.75 hours of a lab technician's time. The planned or budgeted activity for the current year is as follows: Number of tests Test kit costs Lab Technicians Budget 6,000 expected volume 10.00 per kit 40.00 per hour $ $ The actual results for the year were: Number of tests completed: 5,400 Test kits used Lab Technicians - testing hours Actual Quantit 5,570 3,650 Actual $ 58,490 148,190 Required: 1. Compute the following: a. Standard quantity allowed for test kits b. Standard total cost for test kits (direct materials) c. Standard quantity allowed for lab technician labour hours d. Standard total cost for lab technician labour (direct labour) 2. Create an Overall Variance table for Direct Materials and Direct Labour. Identify if each of the variances is Favourable (F) or Unfavourable (U). 3. Compute the price/rate and usage/efficiency variances for direct materials and direct labour. 4. If the management accounting policy is to investigate variances +/- 5% of the total standard cost which price or usage variance(s) would be investigated further and reported on? 5. During the variance investigation, the lab manager advises that the lab had upgraded to a new faster testing machine during the year. What steps would you take to revise the labour standard