04 Not camote Marked out of 21.00 Question Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Kiosse Corporation's May operations during which 2,000 finished units of product were produced. Normal monthly capacity is 1.100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard Bib. 2007) $6 Actual6.200 1.12.2016) $13.640 Direct labor Standard 105.514hr 57 Actual 1980 hrs 513.10.) 13.426 Variable overhead Standard 10h. 52 Actual Total $15 Assume that the 6.200 lb. of materials purchased were all used in producing the 2.000 completed units, Determine the materials price and efficiency varunces, labor rate and efficiency variances and variable overhead spending and efficiency variances Do not use negative signs with any of your answers. Next to each variance answer, select either op for Favorable or "U" for Unfavorable. Material Variances Actual cost Spit cost $ Sundard cost 5 0 Materials price 5 0 Materials incy $ Artwort Split cost Laber Variances 0 0 $ 1 Laborate Labor centys 0 0 . . Assume that the 6,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variance and variable overhead spending and efficiency variances. Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost $ Splt cost $ 0 Standard cost $ 0 Materials price 5 0 Materials efficiency S 0 Actual cost Split cost Standard cost Labor rate Labor efficiency Labor Variances $ 0 $ 0 0 $ 0 Variable Overhead Variances Actual cost $ 0 Split cost $ D Standard cost $ 0 Variable overhead spending $ 0 Variable overhead efficiency s 0 Check