The Tyler Co. makes plastic boats. Each boat is expected to use 60 lbs. of direct material with a budgeted cost of $5.50 prt lb. It take 1.5 dirct labor hours to complete a boat and workers are paid $16.00 per hour. The overhead rate assumes production of 450 boats per month. The flexible budget for overhead is: $2,808 + ($5.76 X Num. of boats) During April, Tyler produced 430 boats and had the following actual results: Direct material purchased Direct materials used Direct labor Actual overhead Required (5 points each): 1. Compute the total standard cost per boat 2. Compute the total material variance 3. Compute the material price variance 4. Compute the material quantity variance 5. Compute the total labor variance 6. Compute the labor price variance 7. Compute the labor quantity variance 8. Compute the total overhead variance. 30,000 lbs. @ $5.30 per lb. 27,000 lbs 670 hours @ $15.90 per hour $5,335 9. Suppose the cost function for variable overhead was $3.84 per labor hour instead of $5.76 per boat. Recompute the overhead variance and compare to the previous calculation.