Problem 10-13 (Static) Basic Variance Analysis; the Impact of Variances on Unit Costs [LO10-1, L010-2, L010-3] 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. The production superintendent was pleased when he saw this report and commented: "This $0.08 excess cost is well within the 2 percent limit management has set for acceptable variances. It's obvious there's not much to worry about with this product." Actual production for the month was 12,000 units. Variable overhead cost is assigned to products based on 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