Cost Accounting Question

Note: Answer should be in typed words. not in picture

(b) Alpha has prepared the following standard cost information for one unit of Product Beta. Direct materials Direct labour Fixed overheads 4 kg @ $8/kg 2.5 hours @ $4/hour 3 hours @ $2.50 $32.00 $8.00 $7.50 The fixed overheads are based on a budgeted expenditure of $75,000 and budgeted activity of 30,000 labour hours. Actual results for the period were recorded as follows. Production 10,000 units Materials 36,600 kg at the costs of $366,000 Labour 16,500 hours at the costs of $68,500 Fixed overheads $70,000 Required: Calculate the following variances: (1) material price; (ii) material usage; (iii) labour rate; (iv) labour efficiency. (9 marks)