4 5.00 = 1,096 4564 4565 6 marks 242 The factory purchased 5,000 kg of direct materials for 4,560 $. All of them were spent on production. The actual production was 2,400 units. The standard quantity for producing the product unit is 2 kg of direct material and the standard price is 4300 0.95 $ per kg. Required 1-Calculate the price and efficiency variances for the direct material (3marks) 2-Calculate the static budget variance for the direct material (1 mark) 3- Give two possible reasons for direct material price variance (2 marks)