The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: Standard Quantity or Hours Direct materials Direct labour 5.0 millilitres 0.5 hours Standard Price or Rate $ 0.29 per millilitre $12.00 per hour Standard Cost $1.45 $6.00 During the most recent month, the following activity was recorded: a. 22,000 millilitres of material was purchased at a cost of $0.24 per millilitre. b. All of the material was used to produce 2,400 bottles of Clean-All. c. 725 hours of direct labour time was recorded at a total labour cost of $8,700. Assume that instead of producing 2,400 bottles of Clean-All during the month, the company produced only 2,000 bottles, using 18,000 millilitres of material. (The rest of the material purchased remained in raw materials inventory.) 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).) Materials price variance Materials quantity variance 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 Budgeted standard direct labour-hours Actual fixed overhead cost for the year Actual direct labour-hours Standard direct labour-hours allowed for the actual output $117,130 $113,830 22,100 23,500 20,600 Required 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate 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).) Fixed overhead budget variance Fixed overhead volume variance