PROBLEM 11A-10 Comprehensive Standard Cost Variances [LO11-1, LO11-2, LO11-3, L011-4] Chapter 11 "Wonderfull Not only did our salespeople do a good job in meeting the sales budget this year, bey our production people did a good job in controlling costs as variance is only 1.2% of the $1,536,4000 _ant far acceotable variances. It looks like everyone product. The standard cost card for the product followy; The following additional information is available for the year just completed: a. The company manufactured 30,000 units of product during the year. b. A total of 64,000 feet of material was purchased during the year at a cost of $8.55 per foot. All of this material was used to manufacture the 30,000 units. There were no beginning or ending c. The company worked 43,500 direct labor-hours during the year at a direct labor cost of $15.80 inventories for the year. d. Overhead is applied to products on the basis of standard direct labor-hours. Data relating to per hour. manufacturing overhead costs follow: Required: 1. Compute the materials price and quantity variances for the year. 2. Compute the labor rate and efficiency variances for the year. 3. For manufacturing overhead compute: a. The variable overhead rate and efficiency variances for the year. b. The fixed overhead budget and volume variances for the year. 4. Total the variances you have computed, and compare the net amount with the $18,300 mentioned by the president. Do you agree that bonuses should be given to everyone for good cost control during the year? Explain