Direct materials: Standard: 1.80 feet at $6.00 per foot Actual: 1.75 feet at $6.20 per foot Direct labour: Standard: 0.90 hours at $22.00 per hour Actual: 0.95 hours at $21.40 per hour Variable overhead: Standard: 0.90 hours at $7.00 per hour Actual: 0.95 hours at $6.60 per hour Total cost per unit Excess of actual cost over standard cost per unit Standard Cost per Unit $10.80 Actual Cost per Unit $10.85 19.80 20.33 6.30 6.27 $36.90 $37.45 $ 0.55 The production superintendent was pleased when he saw this report and commented: "This $0.55 excess cost is well within the 2% limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 12,340 units. Variable overhead cost is assigned to products on the basis of direct labour-hours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May: a. Materials quantity and price variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Materials quantity variance Materials price variance