Problem #3: Chapter 10 (20 points) Longview Hospital performs blood tests in its laboratory. The following standards have been set for each blood test performed: Standard quantity of materials (plates per blood test Standard cost per plate Standard direct labor hours per blood test Standard direct labor cost per hour Standard variable overhead per direct labor hour $2.75 $15.00 $7.00 During May, the laboratory performed 1,500 blood tests, On May 1 there were no direct s (plates) on hand. Variable overhead is assigned to blood tests on the basis of standard nts occurred during May: material direct labor-hours. The following eve 3,500 plates were purchased for $9540 . 3,200 plates were used for blood tests 340 actual direct labor-hours were worked at a total cost of $5.550 DM: A. The material price variance is SUnfavorable or Favorable (Circle one). B. The material quantity variance is SUnfavorable or Favorable (Circle one). 4