KAYAK Corporation makes a kayak with the following standard costs per unit produced: Direct Materials (lbs) Direct Labor (hrs) Variable Overhead Costs Actual Results: Stnd Qnty needed Stnd Price/Rate per Per Unit Unit of Measure 3.000 $ 1.300 $ 1.300 $ 3.65 20.00 3.10 12,000 units produced Direct material Actually purchased & used 35,000 lbs for a total cost of $131,250 Direct Labor-Actual average labor rate of $20.25/hr on total payroll costs of $324,000. Overhead Cost-Actual overhead costs was $48,000 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)