answer all this questions please

AaBb CcDdE AaBb Ceddi AaBbCcDdE AaBb Accentuation Elave Normal Sour Question 4: Vita Ltd is a manufacturer of various products including one that is marketed as Vitagold, The company has developed standard costs for one bottle of Vitagold, as follows: Standard Standard price Standard quantity or rate cost Direct materials 3.5 litres 12.00 per litre 42.00 Direct labour 2.5 hours 14.50 per hour 36.25 Variable manufacturing 2.5 hours 4.40 per hour 11.00 overhead Total standard cost 89.25 During May, the following activity was recorded by the company in relation to the production of Vitagold Materials purchased were 16,000 litres at a cost of 195,200. There were no beginning stocks of materials on hand to start the month. At the end of the month, 1,200 litres of material remained in the warehouse unused. The company employs 70 skilled workers to work on the production of Vitagold. During May, each of them worked an average of 150 hours at an average rate of 15 per hour. Variable manufacturing overhead is assigned to Vitagold on the basis of direct labour-hours. Variable manufacturing overhead costs incurred during May totalled 46,725. During May, 4,250 bottles of Vitagold were produced. Required: a) Compute the following variances for May Direct materials price and quantity variances. ii. Direct labour rate and efficiency variances. iii. Variable overhead spending and efficiency variances (12 marks) b) Describe the top down and the bottom up negotiation approaches of the budgeting process, then critically discuss two arguments against each approach (Please type your answer as a short essay and use examples and academic references; up to 600 words) (14 marks) c) Critically discuss the following statement: Should all variances be investigated to find their cause? (up to 100 words) (4 marks) Total 30 Marks