(20 Marks) Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 5.1 Materials issue price variance (3 marks) 5.2 Labour rate variance (3 marks) 5.3 Variable overheads efficiency variance (3 marks) 5.4 Variable overheads expenditure variance (3 marks) 5.5 Fixed overheads expenditure variance (2 marks) 5.6 Sales quantity variance (3 marks) 5.7 Sales price variance (3 marks) INFORMATION Sundeck Ltd uses the standard costing system. The standards and actual information for May 2021 for the only product that it manufactures are as follows: Standards Direct materials 5kg @ R13 per kg Direct labour 3 hours @ R51 per hour Variable overheads R22 per labour hour Fixed overheads R60 000 Normal production 12 000 units per month Budgeted sales 10 000 units per month Selling price R120 per unit Actual information for May 2021: Direct materials used 54 000kg @ R14 per kg Direct labour 34 000 hours @ R50 per hour Variable overheads R714 000 Fixed overheads R61 000 Production 11 000 units manufactured Sales 9 000 units @ R110 per unit