Pance Analysis (42 points,14 points each) Industrial Corp prodaces a single product Variable manufacturing overhead labor-hours The standard cost for one unit of product is as f The Queens applied on the basis of direct (1) Standard Quantity (2) Standard Price Stand Cost l) S0 50 per ounce $3.00 30.00 per hour 18.00 or Rate Direct labor Variable manufacturing 0 6 hours 10.00 per hour 06 hours Total standard cost per unit During May, 2,000 units were produced The costs associated with May's operations were as Materials purchased 18,000 ounces at So 60 per ounce $10,800 Materials used in production: 14,000 ounces Direct labor 1,100 hours at $30 50 per hour $33, 550 $12,980 Variable manufacturing overhead costs incurred Required Compute the direct materials, direct labor, and variable manufacturing overhead PA FA