b. Genuina Sdn Bhd manufactures and sells a slimming product called SLIMFIT for local market. The company is currently using standard costing system. To manufacture SLIMFIT, the company needs 3 kilograms of material at standard price of RM4.00 per kilogram. From the data recorded at the end of February 2022, the actual material cost purchased and used was RM360,000 at RM4.50 per kilogram. Each unit of SLIMFIT requires standard time of 30 minutes to be completed and is paid at a standard rate of RM4.00 per hour. At the end of February 2022, the actual rate for the period was RM3.50 per hour and the actual hours worked were 12,500 hours. Data related to the month of February 2022 are as follows: Quantity produced and sold Selling price per unit Variable production overhead Fixed production overhead Budgeted 30,000 units RM54 RM120,000 RM180,000 Actual 24,000 units RM56 RM140,000 RM180,000 The overheads are to be absorbed based on direct labour hours. Required: Calculate the following variances: i. ii. iii. iv. V. vi. vii. Direct material price variance Direct material usage variance Direct labour rate and efficiency variance Variable overhead expenditure variance Fixed overhead volume variance Sales price variance Sales volume variance (17 marks) (Total: 20 marks)