3 Suria Ltd uses the standard costing system. In December 2020, the budgeted productions were 19,200 units, and the standard cost card is as follow. The budgeted fixed overhead for the month is RM345,600. Per unit (RM) 20 72 Direct Materials (2kg at RM10/kg) Direct labor (3 hours at RM24/hr) Variable overhead (RM8 per labor hour) Fixed overhead (RM6 per labor hour) Total Actual information for the month is as follow: Direct Material Purchase 24 18 134 Actual production Labor cost Variable Overhead cost Fixed overheads costs Required: RM392,000 (40,000kgs) 19,000 units RM1,364,000 (62,000 hours) RM558,000 RM361,000 (a) Using the above information and calculate the following variances: Page 2 of 7 BUS31013 MANAGERIAL ACCOUNTING i. Direct material price variance (3 marks) ii. Direct material usage variance (3 marks) iii. Direct labor rate variance (3 marks) iv. Direct labor efficiency variance (3 marks) (b) Discuss how management could use the variances analysis in decision making