"Wonderful Not only did our salespeople do a good job in meeting the sales budget thes year but our production people did a good job in controlling costs as well," said Kan Clark, president of Martell Company "Our $55,600 overal manufacturing cost variance is only 16% of the $1,475.000 standard cost of products made during the year. That's well withan the 3% parameter set by management for acceptable variances. It looks like everyone will be in line for a bonus this year The company produces and sells a single product. The standard cost cand for the product follows The following additional information is available for the year just completed a The company manufactured 20,000 units of product during the year b A total of 107000 feet of material was purchased during the year at a cost of $4.50 per foot. At of this matertal was used to manufacture the 20.000 units produced. There were no beginning or ending inventories for the year c. The company worked 43.000 deect labor hours during the year at a direct labor cost of $1160 per hour d. Overhead is applied to products on the basis of standard deect labor hours. Data relating to manufacturing overhead costs follow Required 1. Compute the metenals price and quantity variances for the year 2. Compute the labor rate and efficiency variances for the year 3. For manufacturing overhead compute The variable overhead rate and efficiency variances for the year b. The fixed overhead budget and volume variances for the year Chack my wo