KAYAK Corporation makes a kayak with the following standard costs per unit produced: Standard Quantity/Efficiency 3.5 lbs per unit produced Standard Price/Rate Direct Materials Direct Labor Mfg OH Actual Results: 1.25 hrs per unit produced 1.25 hrs per unit produced $3.50 per lb $20.00 per hr $3.10 per hr 12,250 units produced Direct material-Actually purchased and used 35,000 lbs for a total cost of $131,250. Direct Labor - Actually worked 14,000 hours at an average labor rate of $20.25/hr. Variable Overhead Cost - Actual variable overhead costs were $42,000 allocated on direct labor hours dele ksp Required: a. Compute total production costs, standard and actual, and calculate total production cost variance b. Compute the total materials cost variance and determine how much is driven by quantity variance and how much by price variance. d. Compute the total overhead cost variance and determine how much is driven by overhead efficiency variance and how much by rate variance c. Compute the total labor cost variance and determine how is driven by efficiency variance and how much by rate variance. KAYAK Corporation makes a kayak with the following standard costs per unit produced Standard Quantity/Efficiency 3.5 lbs per unit produced 1.25 hrs per unit produced 1.25 hrs per unit produced Direct Materials Direct Labor Mfg OH Actual Results: 12,250 units produced Direct material-Actually purchased and used 35,000 lbs for a total cost of $131,250. Direct Labor-Actually worked 14,000 hours at an average labor rate of $20.25/hr. Variable Overhead Cost-Actual variable overhead costs were $42,000 allocated on direct labor hours Show Transcribed Text Required: a. Compute total production costs, standard and actual, and calculate total production cost variance b. Compute the total materials cost variance and determine how much is driven by quantity variance and how much by price variance. c. Compute the total labor cost variance and determine how is driven by efficiency variance and how much by rate variance. d. Compute the total overhead cost variance and determine how much is driven by overhead efficiency variance and how much by rate variance Standard Price/Rate Direct Materials Direct Labor Mfg OH $3.50 per lb $20.00 per hr $3.10 per hr KAYAK Corporation makes a kayak with the following standard costs per unit produced: Standard Quantity/Efficiency 3.5 lbs per unit produced Standard Price/Rate Actual Results: 1.25 hrs per unit produced 1.25 hrs per unit produced $3.50 per lb $20.00 per hr $3.10 per hr 12,250 units produced Direct material - Actually purchased and used 35,000 lbs for a total cost of $131,250. Direct Labor-Actually worked 14,000 hours at an average labor rate of $20.25/hr. Variable Overhead Cost-Actual variable overhead costs were $42,000 allocated on direct labor hours Required: a. Compute total production costs, standard and actual, and calculate total production cost variance b. Compute the total materials cost variance and determine how much is driven by quantity variance and how much by price variance. c. Compute the total labor cost variance and determine how is driven by efficiency variance and how much by rate variance. d. Compute the total overhead cost variance and determine how much is driven by overhead efficiency variance and how much by rate variance