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Ch 24 Standard Cost Problem (50 points) A retail product has the following standard costs established: Direct Material per unit 2 pounds at $5 a pound ' Direct Labor per unit 3 hours at $12 an hour Manufacturing Overhead $5 per labor hour The following are the actual costs for the month in producing 1,000 units: 0 Direct Material $11,500 (2,090 pounds used) 0 Direct Labor $35,000 (2,800 hours used) 0 Manufacturing Overhead applied $17,000 Answer the following questions based on the data above: . Compute the actual material cost per pound? (2 pts) . Compute the actual labor rate per hour? (2pts) . Compute the T0_Lal Material variance (6 pts) . Compute the Material Price variance (6 pts) . Compute the Material Quantity variance (6 pts) . Compute the To_ml Labor variance (6 pts) . Compute the Labor m variance (6 pts) . Compute the Labor Quantity variance (6 pts) . Compute the Total Manufacturing Overhead variance (lm) 10. Which variance(s) would be the responsibility of the Production Manager? (2 pts) 11. Which variance(s) would be the responsibility of the Purchasing Manager? (2pts) 1 2 3 4 5 6 7 8 9