per 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 Cost Unit Unit Direct materials: Standard: 1.80 feet at $2,80 per $ 5.04 Actual: 1.75 feet at $3.00 per foot $ 5.25 Direct labor: Standard: 0.90 hours at $17.69 15.30 per hour Actuat: 0.95 hours at $16.40 per hour 15.58 Variable overhead: Standard: 0.98 hours at $7.40 per 6.66 hour Actual: 0.95 hours at $7.00 per 6.65 hour Total cost per unit $27.00 $27.48 Excess of actual cost over standard cost per unit $0.48 The production superintendent was pleased when he saw this report and commented: "This 50.48 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 14.500 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 $0.48 excess unit cost is traceable to each of the variances computed in above. 3. How much of the $0.48 excess unit cost is traceable to apparent inefficient use of labor time? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required Required How much of the $0.48 excess unit cost is traceable to each of the variances computed in (1) above. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable and "None" for no effect (.e. zero variance). Input all amounts as positive values. Round your answers to 2 decimal places.) $5,075.00x U 2,030.00XF 3,045.00 U Materials: Price variance Quantity variance Labor. Rate variance Efficiency variance Variable overhead: Rate variance Efficiency variance Excess of actual over standard cost per unit 8,265,00 XF 12,325.000 U 5,510.00XF 5,365.00 X U SK F 145.00 IS 6,960.00 U