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 Cont Actuel Cost per List Dirett sterials Standards 1.50 feet at $1.00 per foot $ 1.50 Actual 1.75 feet at $1.40 per foot 5 2.45 Direct labore Standard 6.5 hours at $15.00 per hour 1.50 Actual 0.9 hours at $14.60 per hour 13. Variable overhead: Standard .se hours at $6.00 per hour 5.40 Actuals. at 15.6 per 5.2 Total cost permit $20.20 52144 Excess of actual es we standard cost per unit $0.94 The production superintendent was pleased when he saw this report and commented. This $0.94 excess cost is well within the 5 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 materials. Required: 1. Compute the following variances for May 8. Materials price and quantity variances b Labor rate and efficiency variances c. Variable overhead rate and efficiency variances 2. How much of the $0.94 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the $0.94 excess unit cost is traceable to apparent inefficient use of labor time