La nders Company manufactures a number of products. The standards relating to one ofthese products are shown below. along with actual cost data for May. Standard Cost Actual Cost per Unit per Unit Direct materials: Standard: 1.88 feet at $3.88 per foot $ 5.48 Actual: 1.75 feet at $3.28 per toot $ 5.68 Direct labour: Standard: 8.98 hours at $18.88 per hour 16.28 Actual: 8.95 hours at $1?.48 per hour 16.53 Variable overhead: Standard: 8.98 hours at $5.88 per hour 4.58 Actual: 8.95 hours at $4.68 per hour 4.37 Total cost per unit $ 26.18 $ 26.58 Excess of actual cost over standard cost per unit $ 8.48 The production superintendent was pleased when he saw this report and commented: \"This $0.40 excess cost is well within the 2% 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 labourhours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May: a. Materials quantity and price variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Materials quantity variance Materials price variance b. Labour efficiency and rate variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Labour rate variance c. Variable overhead efficiency and rate variances. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance.) Variable overhead efficiency variance Variable overhead rate variance 2. How much of the $0.40 excess unit cost is traceable to each of the variances computed in (1) above. (Input all amounts as positive values. Leave no cells blank - be certain to enter "O" wherever required. Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Round your answers to 2 decimal places.) Materials: Quantity variance Price variance Labour: Efficiency variance Rate variance Variable overhead: Efficiency variance Rate variance Excess of actual over standard cost per unit3. How much of the $0.40 excess unit cost is traceable to apparent inefficient use of labour time? (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favourable. "U" for unfavourable, and "None" for no effect li.e., zero variance). Do not round intermediate calculations. Round your final answers to 2 decimal places.) Excess of actual over standard cost per unit Less portion attributable to labour inefficiency Labour efficiency variance Variable overhead eiciency variance Portion due to other variances