538 Manufacturing Company' has developed the following staincards for one of their its products STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT Direct materials: 20 square meters at RIMS per square meter FM100.00 Direct abour: 8 hours at RM6 per hour 48.00 Variable overhead: 8 hours at RIMS per hour 24.00 Total standard variable cost per unit RM172.00 The company records materials price variances at the time of purchase. The folowing activities occurred during the month of July: Materials purchased 150,000 square meters at RM5.25 per so- foot Materials used 96,000 square meters Units produced 5,000 units Direct labour 41,000 hours at RM6.53 per hour Actual variable overhead RM238,000 Required: Compute the following variances from the preceding data and indicate whether they are Favourable (F) or Unfavourable (UF). Describe the possible causes of each of the Variances. 1] Material price variance (3 marks) 2] Material usage variance (3 marks) 3] Direct labour rate variance (3 marks) 4] Direct labour efficiency variance (3 marks]