Brier Company, manufacturer of car seat covers, provided the following standard costs for its product: Standard Standard Standard Cost Cost Inputs Quantity ($) per Unit (S) Direct materials 7.1 pounds 5 per 35.50 pound Direct labour 0.8 hours 17 per hour 13.60 Variable 0.8 hours 7 per hour 5.60 overheads The company reported the following in 2022 May: Original budgeted output Actual output Actual direct labour hours Actual cost of direct labour 4 700 units 4 500 units 3 610 hours $65 341 Purchases of raw materials Actual price paid for raw materials Raw materials used Actual variable overhead cost $186 150 36 500 pounds 34 150 pounds $24 909 Variable overhead is applied on the basis of direct labour hours. A. Compute the following: . Direct materials quantity variance variance (1 mark) iv. rate variance (1 mark) vii. viii. Variable overhead rate variance (2 marks) ii. (3 marks) iii. Direct materials total variance Direct labour efficiency variance (2 marks) v. (3 marks) vi. Direct labour total variance Variable overhead efficiency variance Direct materials price Direct labour (2 marks) (2 marks) B. State TWO (2) benefits of standard costing. (2 marks) c. What are TWO (2) limitations of standard costing? (2 marks)