A company manufactures a single product of which the standard variable cost is as follows: GHS Direct Material (80kg x GHS7.5/kg) 600 Direct Labour (85hrs x GHS7/hr) 595 Variable Overheads (85hrs x GHS4/hr) 340 Total 1,535 During the month of January, 535 units were produced and the costs incurred were as follows: Direct material: 42,300kg purchased and used costing GIIS308,000; Direct labour: 60,000 hours worked, costing GHS408,000; Variable overhead: cost GHS156,700 Required: A Calculate all the Material Variances, Labour variances and variable overhead variances for January. B State a possible cause each of the material price and usage variance; labour rate and efficiency variances, variable overhead expenditure and efficiency variances