PROBLEM $24\mathrm{.}8$B Understanding Cost Variances: Solving for Missing Data LO$24-1,$ LO$24-3,$ LO$24-4$ Foding Corporation has supplied the following information obtained from its standard cost system in May: The following journal entries were made during May with respect to Foding's standard cost system: Instructions a$.$ Determine the actual quantity of materials purchased and used in production during May. b$.$ Determine the standard quantity of materials allowed for the production output achieved during May. c$.$ Determine the actual average direct labor rate in May. d$.$ Determine the standard direct labor hours allowed for the production output achieved during May. e$.$ Determine the total overhead costs allowed for the production output achieved during May. f$.$ Prepare a journal entry to record the transfer of all work in process to finished goods at the end of May. g$.$ Close all cost variances directly to the Cost of Goods Sold account at the end of May. h$.$ Was Foding's production output in May more or less than its normal level of output? How can you tell?