KAYAK Corporation makes a kayak with the following standard costs per unit produced: Stnd Qnty needed...

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KAYAK Corporation makes a kayak with the following standard costs per unit produced: Stnd Qnty needed Stnd Price/Rate per Direct Materials (lbs) Direct Labor (hrs) Variable Overhead Costs Per Unit Unit of Measure 3.250 3.900 0.500 20.000 0.500 3.500 Actual Results: 11,250 units produced Direct material - Actually purchased 35,000 lbs for a total cost of $140,000 Direct Labor - Actual worked 6,250 hours at an average labor rate of $19.75 Overhead Cost-Actual overhead costs was $20,312.50 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (7pts) b. Compute the total materials quantity variance. (3pts) c. Compute the materials price variance. (3pts) d. Compute the total labor efficiency variance. (3pts) e. Compute the labor rate variance. (3pts) f. Compute the total variable overhead efficiency variance. (3pts) g. Compute the variable overhead rate variance. (3pts) KAYAK Corporation makes a kayak with the following standard costs per unit produced: Stnd Qnty needed Stnd Price/Rate per Direct Materials (lbs) Direct Labor (hrs) Variable Overhead Costs Per Unit Unit of Measure 3.250 3.900 0.500 20.000 0.500 3.500 Actual Results: 11,250 units produced Direct material - Actually purchased 35,000 lbs for a total cost of $140,000 Direct Labor - Actual worked 6,250 hours at an average labor rate of $19.75 Overhead Cost-Actual overhead costs was $20,312.50 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (7pts) b. Compute the total materials quantity variance. (3pts) c. Compute the materials price variance. (3pts) d. Compute the total labor efficiency variance. (3pts) e. Compute the labor rate variance. (3pts) f. Compute the total variable overhead efficiency variance. (3pts) g. Compute the variable overhead rate variance. (3pts)