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 Unit Cost per Unit $ 5.40 $5.94 16.20 Direct materials: Standard: 1.80 feet at $3.00 per foot Actual: 1.80 feet at $3.30 per foot Direct labort Standard: 6.90 hours at $18.00 per hour Actualt 0.92 hours at $17.50 per hour Variable overhead Standard: 0.99 hours at $5.00 per hour Actual: 0.92 hours at $4.50 per hour Total cost per unit Excess of actual cost over standard cost per unit 16.10 4.50 4.14 $26. 18 $26.10 50.00 The production superintendent was pleased when he saw this report and commented "This $0.08 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 12,000 units Variable overhead cost is assigned to products on the basis of direct labor hours. There were no beginning or ending inwentories of materials Required 1. Compute the following variances for May a. Materials price and quantity variances b. Labor rate and efficiency variances Variobio overhead role and efficiency variances 2. How much of the 50.08 excess unit cost is traceable to each of the variances computed in (p above 3. How much of the 30.08 excess unit cost is traceable to apparent inefficient use of labor tid? Complete this question by entering your answers in the tabs below. Required Roureda Red