Concita Ltd. uses a standard cost system and sets predetermined overhead rates on the basis of direct labour hours. The company's budget indicates the following data for the current year. Denominator activity Variable manufacturing overhead (10,000 direct labour hours @$3.42) Fixed manufacturing overhead cost Predetermined overhead rate ($104,200 10,000 direct labour hours) 5,000 units $34,200 $70,000 $10.42 The standard cost card for the company's only product is given below: Standard Quantity Standard price Standard cost or hours Per Unit or rate $2.60 per kilogram $8 per direct labour hour 2 direct labour hours 3.42 per direct labour hour $7 per direct labour hour $10.40 Direct materials 4 kilograms 2 direct labour hours Direct labour 16.00 Variable overhead 6.84 Fixed overhead 2 direct labour hours 14.00 Total standard cost $47.24 During the year, the company produced 4,800 units of product and incurred the following costs: Quantit Amount $81,000 Direct materials purchased 30,000 kilograms 20,000 kilograms 10,000 hours Direct materials used. $86,000 $35,900 $64,800 Direct labour Variable manufacturing overhead cost Fixed manufacturing overhead cost Required: (20 marks) (a) Prepare the price and quantity/efficiency variances for materials and labour for the year. (b) Prepare an analysis of the rate and efficiency variances for variable overhead for the year (c) (5 marks) Prepare an analysis of the budget and volume variance for fixed overhead for the year. (d) (5 marks) Based on the results from your analysis above, comment on the cost control efficiency of the company. (10 marks)