Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Cost Standard: 1.80 feet at $1.68 per foot Actual: 1.75 feet at $2.e0 per foot Standard: 0.90 hours at $18.00 per hour s 2.88 $ 3.58 16.20 Actual: 8.95 hours at $17.40 per hour 16.53 Standard: 0.98 hours at $6.e0 per hour 5.40 Actual: 8.95 hours at $5.60 per hour 5.32 $24.48 $ 25.35 Excess of actual cost over standard cost per unit $0.87 The production superintendent was pleased when he saw this report and commented: "This $0.87 excess cost is well within the 5 percent limit management has set for acceptable varlances. It's obvious that there's not much to worry about with this product." Actual production for the month was 11.500 units. Variable overhead cost is assigned to products on the basis of 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 $0.87 excess unit cost is traceable to each of the variances computed in () above. 3. How much of the $0.87 excess unit cost is traceable to apparent inefficlent use of labor time? arch