8. Candid Ltd produces one product the X19. Standard (budgeted) costs are as follows: Direct Materials 5Kg @ $1.40 per Kg 7.00 Direct Labour lhr @ $9.00 per hr 9.00 Factory overhead lhr @ $7.50 per hr 7.50 23.50 Actual results for the month of June were: Units Produced 235,000 Direct Materials used 1,176,000 at $1.45 per kg Wages paid 237,000 hours at $8.95 per hr Actual Overhead incurred $1,771,000 Required: Calculate the Direct Materials Price and Efficiency Variances, The Labour Rate and Efficiency variances and the Factory Overhead Variance. Other than a the reason The standard (budgeted) figure was incorrectly calculated, list one reason you could suggest for each variance calculated