Question 2 Like 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 cost per unit Actual costs used in production of 12,000 units Direct 1.80 feet at $6.00 per 24,000 feet purchased at a total cost of materials foot $139,800, used only 21,000 feet in production Direct 1.8 hours at $18.00 22,800 hours at $17.40 per hour. labor per hour Variable 1.8 hours at $10.00 22,800 hours at a total cost of $250,800 overhead per hour Required: 1. Compute the total standard costs and total actual costs for May's production. How much is the difference in the total cost and unit cost? (Actual material costs should include actual costs of the materials used in production.) 2. Compute the following variances for May: a. Materials quantity and price variances. b. Labor efficiency and rate variances. Variable overhead efficiency and rate variances. c