I need help with this one please thank you! Required 1Required 2Required 3la. Compute the following variances for May, materials price and quantity variances.1b. Compute the following variances for May, labor rate and efficiency variances.1c. Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of eachvariance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts aspositive values.)Show less A1a. Materials price variance1a. Materials quantity variance1b. Labor rate variance1b. Labor efficiency variance1c. Variable overhead rate variance1c. Variable overhead efficiency variance< Required 1Required 2 > Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along withactual cost data for May.Standard CostActual Costper Unitper UnitDirect materials:$ 8.74Standard: 1.90 feet at $4.60 per footActual: 1.85 feet at $5.00 per footDirect labor:$ 9.25Standard: 0.95 hours at $19.00 per hourActual: 1.00 hours at $18.50 per hour18.0518.50Variable overhead:Standard: 0.95 hours at $7.00 per hourActual: 1.00 hours at $6.60 per hour6.656.60Total cost per unit$ 33.44$ 34.35Excess of actual cost over standard cost per unit$ 0.91The production superintendent was pleased when he saw this report and commented: "This $0.91 excess cost is well within the 4percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product."Actual production for the month was 19,000 units. Variable overhead cost is assigned to products on the basis of 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.2. How much of the $0.91 excess unit cost is traceable to each of the variances computed in (1) above.3. How much of the $0.91 excess unit cost is traceable to apparent inefficient use of labor time?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3la. Compute the following variances for May, materials price and quantity variances.1b. Compute the following variances for May, labor rate and efficiency variances.1c. Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of eachvariance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts aspositive values.)

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Required 1 Required 2 Required 3 la. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances. 1c. Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Show less A 1a. Materials price variance 1a. Materials quantity variance 1b. Labor rate variance