2. Greiner, Inc. a manufacture of imitation Austrian Steins, has historically incurred excessive costs in the raw materials and labor it uses to manufacture porcelain steins. Greiner's controller, Adolf Icantadd, provides you with the following data regarding material and labor used during the month of May: Steins produced 4,150 Standard Quantity of material per stein 10 oz. Actual quantity of material purchased & used 42,000 oz. Standard Material cost per ounce of material $1.05 Actual Material cost per ounce of material $1.03 Standard Labor Hours per stein 1 hour Actual Labor hours 4,200 Standard Labor rate per stein $10.00 Actual Labor cost per hour $ 9.75 Calculate the following for Greiner Inc. for the month of May (Show calculations and answers on the next page) a. Total Standard Material Cost for 4,150 steins b. Total Actual Material Cost for 4,150 steins c. Total Materials Variance d. Materials Quantity Variance e. Material Price Variance f. Total Standard Labor Cost for 4,150 steins g. Total Actual Labor Cost for 4,150 steins h. Total Labor Variance i. Labor Efficiency Variance j. Labor Rate Variance Formulas: Total Variance = (AQ AP) (SQ x SP) Usage (Efficiency) Variance = (AQ - SQ) x SP Cost (Rate) Variance = (AP-SP) x A