11-10 The Clinton Company produces rubber seals used in the aerospace industry. Standards call for 3 pounds of material at $2.45 per pound for each seal. The standard cost for labor is 1.5 hours at $15.00 per hour. Standard overhead is $10.00 per unit. For the year 2018, expected production is 126,700 seals with fixed overhead of $126,700 and variable overhead of $9.00 per seal. During 2018, a total of 125,000 seals were produced. The company purchased 455,000 pounds of material for $1,142,050. Production required 447,600 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour. Actual overhead for the year was $949,000. Determine the standard cost per seal. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost per seal $ Calculate the material, labor, and overhead variances. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.) Material Price Variance $ Material Quantity Variance $ Labor Rate Variance $ Labor Efficiency Variance $ Controllable Overhead Variance $ Overhead Volume Variance $ Prepare a variance summary. (Enter unfavorable variances using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Material Price Variance $ Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance Total $ Indicate which variances should be investigated. Need to be investigated Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance