05. Fancy (Pvt) Ltd manufactures a single product using two types of raw materials, type I and type II. The standard material cost of producing one unit of the product is given below. The actual production data are as follows. During the period 4,400 Kgs of Material type I costing Rs.615,000 and 4,800Kgs of material type II costing Rs.480,000 were used to produce 1000 units of the product. You are required to; Page 4 of 5 Produce material variance analysis and discuss the possible reasons for such variances and provide your suggestions on how to reduce each of the unfavorable variances