1) The company produces a single product and uses a standard costing system. The variable standard costs of one unit are shown in the table below. This is based upon a Budgeted production is 50,000 units, which are expected to recover 180,000 of fixed overhead cost. Standard cost for one unit: Quantity Price Material 1.5 kg 4.00 per kg Direct labour Variable overhead 15 mins 15 mins 18.00 per hour 8.00 per labour hour The actual production was 48,000 units The following information about actual costs for the production of 48,000 units are as follow, and should be used to answer questions b - e: Quantity Price Material bought and used 69,600 kg 285,360 Direct labour 12,800 hours 224,000 110,080 Variable Indirect costs 12,800 hours Fixed overhead 176,500 Total 795,940 b) Required: calculate the variances relating to materials c) Required: calculate the variances relating to direct labour d) Required: calculate the variances relating to variable overhead e) Required: calculate the variances (both volume and expenditure) relating to fixed overhead