2 Like Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Actual costs used in production of 12,000 units 24,000 feet purchased at a total cost of $139,800, used only 21,000 feet in production 22,800 hours at $17.40 per hour. Standard cost per unit Direct materials 1.80 feet at $6.00 per foot Direct labor Variable overhead 1.8 hours at $10.00 per hour 22,800 hours at a total cost of $250,800 1.8 hours at $18.00 per hour Required: 1. Compute the total standard costs and total actual costs for May's production. How much is the difference in the total cost and unit cost? (Actual material costs should include actual costs of the materials used in production.) 2. Compute the following variances for May: a. b. Materials quantity and price variances. Labor efficiency and rate variances. C. Variable overhead efficiency and rate variances