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Martin Company manufactures a powerful cleaning solvent. The main ingredient in the solvent is a raw material called Echol Information on the purchase and use of Echol follows Purchase of Echo Echo purchased in 40 litre containers at a cost of $330 per container. A discount of 3% is offered by the supplier for payment within 10 days and Martin Company takes all discounts Shipping costs which Martin Company must pay amount to $400 for an average shipment of one hundred 40 litre containers of Echo te of Echol The bill of materials cols for 24 70 litres of Echol per bottle of cleaning solvent About 5 of Echol used is lost through spillage or evaporation (the 2470 litres above is the actual content per bottle). In addition, statistical analysis has shown that every 4 bottle is rejected at final inspection because of contamination Required: 1. Compute the standard purchase price for one litre of Echol(Do not round intermediate calculations and round Pinot answer to 2 decimal places) 2. Compute the standard quantity of Echolin litres) per saleable bottle of cleaning solvent. (Round intermediate calculations and final answer to 2 decimal places.) Standard stres 3. Using the data from parts (1) and (2) prepare a standard cost card showing the standard cost of Echol per bottle of cleaning solvent (Round intermediate calculations and final answers to 2 decimal places.) Item Standard Quantity Standard Price per te Standard Cost Per Bottle Echol

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