2 : 10.1 1b uestion 2 -Variance Analysis and report (8 marts) O Elite Sweet Pty Ltd is a company that only sells Halloween candies in Australia. Due to the delicate shapes of candies, this company employed a great deal of high skilled employees. The following information is generated from the company in June 2019. Note the candy was sold in a 12-piece box. Actual Boxes produced 1000 Direct materials used in production 21 500 Actual direct material cost 56020 Actual direct manufacturing laber-hours Actual direct manufacturing labor cost S1265 Standards Purchase price of direct materials S0.03/s Materials per box 200 g Wage rate $18 per hour Boxes per hour As the company management accountant, you are required to write a report on the company's standard costing system for the month of June. In your report, please provided detailed analysis on the variances for direct material and direct labec and present all the data in an appropriate diagram. Discuss possible causes for each of the variances that you calculated. Consider each variance separately Also, consider possible Interactions between variances Recommend for the future Improvements on the favorable variances calculated