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 Actual Cost per Coat per Unit Unit Direct materialas Standardi 1.90 feet at $3.00 per foot $ 5.70 Actual: 1.65 feet at $3.40 per foot $ 6.29 Direct labore standardi 1.00 hours at $18.00 per hour 18.00 Actual 1.05 hours at $17.40 per hour 18.27 Variable overheads standard 1.00 hours at $8.00 per hour 8.00 Actual 1.05 hours at 97.60 per hour 7.98 Total cost per unit $31.70 $32.54 Ixcess of actual cost over standard coat per unit 30.04 The production superintendent was pleased when he saw this report and commented: *This $0.84 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 15,000 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. b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances. 2. How much of the $0.84 excess unit cost is traceable to each of the variances computed in (above. 3. How much of the $0.84 excess unit cost is traceable to apparent inefficient use of labor time