Koontz Company manufactures a number of products. standards relating to one of these products are shown below, along with actual cost data for May. The s 350 98.00 15.40 per hour per hour al0.96 hours Total cost $21 24 %2155 0.31 The production superintendent was pleased when he saw this report and commented:This $0.31 excess cost is well within the 2 percent 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 10,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of Required: Compute the following variances for May: Materials price and quantity variances. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e. zero variance).) Labor rate and efficiency variances. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).)