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 Unit 17.10 5.76 $0.93 Actual Cost per Unit Direct materials: Standard: 1.00 feet at $1.00 per foot $ 3.24 Actual: 1.75 feet at $2.20 per foot $ 3.85 Direct labor Standards 0.90 hours at $19.00 per hour Actual 1.95 hours at $15.40 per hour 17:40 Variable overhead Standard: 0.98 hours at $6.40 per hour Actualt 0.95 hours at 56.00 per hour 5.70 Total cost per unit $26.10 3 27.03 Excess of actual cost over standard cost per unit The production superintendent was pleased when he saw this report and commented: This $0 93 excess cost is well within the 5 percent limit management has set for acceptable vacances. It's obvious that there's not much to worry about with this product Actual production for the month was 12,000 units Variable overhead cost is atsigned 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 6 Labor rate and efficiency variances. c Variable overhead rate and efficiency variances 2. How much of the S093 excess unit cost is traceable to each of the variances computed in above 3. How much of the $0.93 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Required Required 2 Required a 1a. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following vanances for May, labor rate and efficiency variances 10. Compute the following variances for May, variable overhead rate and efficiency variance (Indicate the effect of each Vacance by selecting for favorable, "U" for unfavorable, and "None" for no effect ( zero variance) Input all amounts as positive values.)