Kalama Kayak Company makes molded plastic kayaks. Standard costs for an entry-level whitewater kayak are as follows: EEE (Click the icon to view the standard costs.) The overhead rate assumes production of 440 kayaks per month. The overhead cost function is $2,728 + ($8.80 x number of kayaks). During March, Kalama produced 350 kayaks and had the following actual results: FEE (Click the icon to view the actual results.) Read the requirements. =X Requirement 1. Compute material, labor, and overhead variances. (Enter all amounts as positive numbers.) Data table Begin by calculating the price variance for materials. First enter the formula, then compute the variance. Be sure to label the variance as favorable (F) or unfavorable (U). Material Direct materials, 60 lb at $7.50/lb $ 450 Standard price Actual price X Actual pounds price variance Direct labor, 2.00 hr at $20/hr 40 $ 7.50 $ 7.00 26,400 13,200 Overhead, at $15 per kayak 15 505 Calculate the quantity variance for material. First enter the formula, then compute the variance. Be sure to label the variance as favorable (F) or unfavorable (U). Total $ Material Standard pounds allowed Actual pounds X Standard price = quantity variance 26,400 ) X 7.50 U Print Done -X Data table Direct materials purchased and used 26,400 pounds at $7.00/1b Direct labor 720 hours at $13.40/hr Actual overhead $5,856 Print Done Clear all