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360 Management Accounting REVIEW QUESTIONS Twinklestar Company produces toy cars for children below the age of live. The follow information is provided for the toy cars for Period 1. RM15.00 Standard cost: Material: 5 kg of material T at RM3 per litre RM6.00 Labour: 0.60 hours of direct labour at RM 10 per hour RM3.60 Variable production overheads: 0.60 hours at RM6 per hour RM7.20 Fixed production overheads: 0.60 hours at RM12 per hour Actual: RM33,250 Material T purchased and used 9,500 kg at a cost of RM12,100 Direct labour hours used 1,100 hours at a cost of RM7,500 Variable production overheads cost RM12,000 Fixed production overheads cost 2,000 toy cars Number of toy cars produced in March 1,700 toy cars Budgeted production volume RM12,240 Budgeted fixed production overheads Required: Calculate the: a. Total materials cost variance h. Variable overheads expenditure variance b. Materials price variance . i. Variable overheads efficiency variance C. Materials usage variance j. Total fixed overheads variance d. Total labour cost variance k. Fixed overheads expenditure variance e. Labour rate variance I. Fixed overheads volume variance f. Labour efficiency variance m. Fixed overheads efficiency variance g. Total variable overheads variance n. Fixed overheads capacity variance