Problem 11-10 The Lawn Company produces rubber seals used in the serospace industry. Standards call for 3 pounds of material at $2.48 per pound for each seal. The standard cost for laboris 1.5 hours at $15.00 per hour. Standard overhead is $10.00 per unit. For the year 2018, expected production is 134,100 seals with Raed overhead of $134,100 and variable overhead of $9.00 per seal. During 2018, a total of 125,000 seals were produced. The company purchased 455,000 pounds of material for $1,151,150. Production required 392,400 pounds of material. The cost of direct labor incurred was $2,900,000 with an actual average wage rate of $15.25 per hour. Actual overhead for the year was $999,000 Determine the standard cost per seal. (Round answer to 2 decimal places, e.g. 15.25.) Standard cost per seal Calculate the material, labor, and overhead variances. (Round Intermediate calculations to 2 decimal places, 09. 14.37 and final answers to decimal places, eg. 125. Enter all variances as a positive number.) Material Price Variance Material Quantity Variance Labor Rate Variance Labor Molecy Variance Controllable Overhead Variance Overhead Volume Variance Prepare a variance summary. (Enter unfavorable variances using either a negative in preceding the number. -45 er parentheses a. (45).) Material Price Variance Material Quantity Variance Labor Race Variance Labor Emiciency Variance Controllable Overhead Variance Overhead Volume Variance Total Indicate which variances should be investigated. Need to be investigated Material Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Controllable Overhead Variance Overhead Volume Variance