Bwato ltd produces and sells chemical vin. The standard cost if vin per unit are as follows: Direct Material: 7.5liters @K4.50 per liter Direct labor: 2.5hrs @K6.0 per hour Variable Overheads: @2.5hrs @K1.5 per hour The monthly budgeted fixed overheads were K1,500 for 2000 budgeted production hours. Bwato is expected to produce and sell 10,000 units. The actual results for the month were as follows: Production and sells volume: 9,200 units Materials 72,000 liters costing K270,000 Labor hours 27,500 hours costing K137,550 Variable overheads: K45,000 Fixed overheads: K25,300 a. Calculate the following variances(8): (i) Material Price (ii) Material Usage (iii) Labor Rate (iv) Labor Efficiency (v) Variable Overhead Expenditure (vi) Variable Overhead Efficiency (vii) Fixed Overheard Expenditure (viii) Fixed Overhead Volume b. List two causes of idle labor variance c. Explain briefly the four standards that can be used in an organization