1.3 REQUIRED Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance (4 marks) 1.3.2 Labour efficiency variance (4 marks) 1.3.3 Variable manufacturing overheads expenditure variance (4 marks) INFORMATION Regal Ltd uses the standard costing system. The standards and actual information for May 2022 for the only product that it manufactures are as follows: Standards: Direct materials 4kg @ R7 per kg Direct labour 5 hours @ R60 per hour Variable manufacturing overheads R12 per labour hour Normal production 12 000 units per month Actual information for May 2022: Direct materials used 43 000kg @ R7.50 per kg Direct labour 56 000 hours @ R58 per hour Variable manufacturing overheads R649 600 Production 11 000 units manufactured