bTimes Newr Finals-IMA-your name) - Word Review Insert References Design Layout Mailings View Hoi ne Times New Rom 12 A A Aa- A - SEE AI Uab x, X A-DA SIE. 1 Font Paragraph Question 5. XYZ Co. Produces a single product. The activity base for Labour Variance and Variable Manufacturing Overhead is Labour Hours. The standard costs and relevant information has been provided below _(11 Marks) Standard Costs Total Direct Material Purchases 4 Pounds for 1 unit $ 6.5 per pound Direct Labour 1.5 hours to produce 1 unit Rate offered is $ 17 per hour Variable Manufacturing Overhead: number of hours @ predetermined Unterhead rate Total Standard variable cost per unit Summary of Estimated Annual Figures Estimated Direct Labour Hours Estimated Total Manufacturing Overhead Cost Estimated Variable Ouerhead Cost 6,000 $ 65,000 $6 per Direct Labour Hour Data for Month of April Total Umts Produced 3000 Units Naterial Purchased 14000 Pounds at 5 5.5 per pound Material Used in Production 19000 Pounds Direct Labor Hours: 5000 Hours at 5:16 per hour hariable Nianufacturing Oterhead Coat 50.000 1) Calculate the Pre-determined Overhead Rate (Standard Rate for Variable Overhead) [2 Marks) ii) Compute the following Variances: 19 Marks] a. Direct Material Variance i Materials Price Variance ii. Materials Quantity Variance 111. Spending Variance b. Direct Labour Variance i Labour Rate Variance ii. Labour Efficiency Variance 11. Spending Variance c. Variable Manufacturing Overhead Variance 1. Variance Manufacturing Overhead Rate Variance ii. Variance Manufacturing Overhead Efficiency Variance 11. Spending Variance