The production superintendent was pleased when he saw this report and commented: "This $0.93 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious 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 based on 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 $0.93 excess unit cost is traceable to each of the variances computed in requirement 1. 3. How much of the $0.93 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances. 1c. Compute the following variances for May, variable overhead rate and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values