Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Ur Actual Cost per Unit $ 468 $ 4.90 16.20 Direct materials Standard: 1.80 feet at $2.50 per foot Actual 1.75 feet at $2.80 per foot Direct labor Standard: 0.90 hours at $18.00 per hour Actual: 0.95 hours at $17.40 per hour Variable overhead Standard: 090 hours at $5.00 per hour Actuel 0.95 hours al $4.60 per hour Total cost per unit Excess of actual cost ever standard cost per unit 16.53 4.50 437 $25 38 $25.80 S042 The production superintendent was pleased when he saw this report and commented: "This $0.42 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 11,000 units. Variable overhead cost is assigned to products on the basis of direct labor hours. There were no beginning or ending Inventories of materials Required: 1. Compute the following variances for May a. 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 (ie, zero variance).) $ 15,400 Materials orice variance Materials quantity variance b. 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 (ie, zero variance).) Labor rate variance Labor efficiency variance