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. Cont per Standard: 1.90 Actual: 1.85 feet at $3.40 per foot Direct 1abors 6.29 Btandard: 1.00 hours at $18.00 per hour Actunl: 1.05 houra at $17.40 per hour Variable overhead 18.27 Standards 1.00 hours at 8.00 per hour 8.00 Actual: 1.05 hours at $7.60 per hour Total cost per unit 7.98 $32.5 $31.70 Excess of actoal cost over standard cost per unit 0.84 The production superintendent was pleased when he sew this report and commented: This $0.84 excess cost is well within the 4 percent limit management has set for acceptable varlances. 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 (1) above. 3. How much of the $0.84 excess unit cost is traceable to apparent ineficient use of labor time? Complete this question by entering your answers in the tabs below. Prex 7 of 8Next > 888 va 3 4 5 6 8 9 WE