2. Springers Limited 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 Material 1.5 kg Direct labour 15 mins Variable overhead 15 mins Price 4.00 per kg 18.00 per hour 8.00 per labour hour The actual production was 48,000 units with actual costs as follows: Material bought and used Direct labour Variable Direct costs Fixed overhead Total Quantity 69,600 kg 12,800 hours 12,800 hours Price 285,360 224,000 110,080 176,500 795,940 Required: Calculate the standard cost of the actual quantity of units produced, and produce a reconciliation to explain the difference between this figure and the actual cost. Price and quantity variances should be shown separately