21:01 3HZOEEE on. ?-78%@' keats.kcl.ac.uk 4/7 Question 2 Milton Plc make a product for which the standard costs are: E Sales Price 31 Direct labour (2hrs at 5.5/hr) 11 Direct materials (1 Kg at 10/kg) 10 Fixed Overhead 3 Standard Profit 7 The budgeted output for September was 1,000 units the actual output was 1,100 units which sold for 34,950. No stocks were left at the end of the month. The actual production costs were: Direct Labour (2,150 hours) 12,210 Direct Materials (1,170 kg) 11,630 Fixed Overheads 3,200 Required: (a) Calculate the following variances: 0 Sales volume and price variances - Material price and usage variances . Labour rate and efficiency variances - Fixed overhead variance (7 Marks) (b) Comment on the performance of Milton Ltd for the month of September referring to the variances calculated in part (a). (10 Marks) (Total 17 Marks)