3. Part II Answer all questions. Show your solution in detail. Part credit is allowed....
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3. Part II Answer all questions. Show your solution in detail. Part credit is allowed. I Bing Co. produces a product that requires 3 gallons per unit. The Standard price is $18.50 per gallon. If 2500 units require 8000 gallons, which were purchased at $18.00 per gallon, calculate the direct materials (A) Price Variance, (B) Quantity Variance, and (C) Overall Cost Variance. (18 Pts.) Il Bing Co. produces a product that requires 2 standard hours of labor per unit at a standard hourly rate of $18 per hour. If 2500 units required 5500 hours of labor at a rate of $19 per hour, find the direct labor (A) Rate Variance, (B) Time Varlance, and () Overall Cost Variance. (18 Pts.)
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