A company supplies a savoury sauce to Sandals Negril. Standard costs for one unit for 2017 June were as follows: Direct Materials 5 kg @ $8 per kg Direct Labour 4 hours @ $12 per hr Overheads (based upon an overhead absorption rate of $8 per labour hour) Budgeted input in June was 1 200 units. Actual results in June were as follows: 1300 units were made Direct materials used were 6600 kgs, at a total cost of $50160 Direct labour was 5330 hours, at a cost of $65 026 iv. Actual fixed overheads were $44 000 iii. i. Required: A. B. Calculate the following: i. Material price variance ii. Material usage variance iii. Labour rate variance iv. Labour efficiency variance v. Fixed overhead price variance vi. Fixed overhead efficiency variance vii. Fixed overhead capacity variance Give ONE (1) reason for each variance calculated in A above. $ 40 48 32 120 (3 marks) (3 marks) (3 marks) (4 marks) (3 marks) (4 marks) (3 marks) (7 marks)