KAYAK Corporation makes a kayak with the following standard costs per unit produced: Direct Materials Standard Quantity/Efficiency 3.0 lbs per unit produced .50 hrs per unit produced .50 per unit produced Standard Price/Rate $5.00 per lb $20.00 per hr $3.50 per hr Direct Labor Mfg OH Actual Results: 12,000 units produced Direct material - Actually purchased 29,000 lbs for a total cost of $137,500 Direct Labor - Actual worked 5,700 hours at an average labor rate of $19.00 Overhead Cost - Actual overhead costs was $19,500 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)