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 $31.16 dard MUAT Cost per cont per ULE Direet materials: Standard: 1.50 feet at $4.40 per tot 0.36 hetual 1.05 feet at $4.00 per foot B20 Direct labor Standard: 0.55 hours at $10.00 per hour 19.10 Actual: 1.00 hours at $17.50 per hour 17.50 Variable overhead: Standard: 0.35 hours at $6.00 per hour 5.70 etund: 1.00 hours at 35.60 per hour 5.60 Total cost perit $31.90 EXCR of actual cost over standard cost per unit $0.82 The production superintendent was pleased when he saw this report and commented: "This $0.82 excess cost is well within the 4 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 18,500 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. b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances 2. How much of the $082 excess unit cost is traceable to each of the variances computed in (1) above 3. How much of the $0.82 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering you answers in the tabs below. Required to Required 2 Required 1a Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances 1. Compute the following variances for May, variable overhead rate and efficiency variances. Indicate the effect of each variance by selecting for favorable, "u" for unfavorable, and "None" for no effectie, zor variance). Input all amounts s positive values Show less cerce TOLD Laticiency to advance CH 10 Connect Homework 6 167 Standard: 0.55 hours at $18.00 per HOME 17.10 Actual 1.00 hours at 17.00 per har 17.50 Vaste overhead Standard: 0.95 hours 6.00 per hour 5.90 Metal: 1.00 hours at 5.60 per hour Total cost per unit 581.16 31.90 Res of actual cost over standard cont per unit 10.02 The production superintendent was pleased when he saw this report and commented: "This $0.82 excess cost is well within the 4 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 18,500 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 Labor rate and efficiency variances c. Verlable overhead rate and efficiency variances 2. How much of the $082 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the 80 82 excess unit cost is traceable to apparent inefficient use of labor time? co 10 Complete this question by entering your answers in the tabs below. Here Red Red How much of the $0.02 unit cost is traceable to each of the variances computed in (1) above (Indicate the effect of each variance by selecting for favorable, for unfavorable, and "None for no effect (mero variance). Input all amounts as outive value Round your answers to 2 decimal places) PV Guyane 6 19.10 17.50 5.76 Standard 6.55 a $18.00 per hour Ret 1.00 hours at $17.50 per hour Variable overhead: Standard: 0.55 hours 15.00 hour Actual 1.00 hours at 35.60 per hour Total cost petit Excess of surual cost UVEX wandard est per unit 5.60 131.90 31.10 30.02 167 points The production superintendent was pleased when he saw this report and commented: "This $0.82 excess cost is well within the 4 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 18,500 units. Variable overhead cost is signed 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 b. Labor rate and efficiency variances c Variable overhead rate and efficiency variances 2. How much of the 50.82 excess unit cost is traceable to each of the variances computed in above 3. How much of the 50.82 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Teret Required 2 Required How much of the 10.02 excess unit cost is traceable to apparent inefficient use of labor time indicate the effect of each Varance by selecting for favorable, for unfavorable and for no effect zero variance). Input all amounts Ove volum. Do not round imate calculent Round your answers to deal places) es of activer landard Court Laboratory worden Do Outrance