Countryside Plc assembles a single product, the Beta. Countryside Plc has a fixed price contract with the supplier of the materials used in the Beta. The contract also specifies that the materials should be free of any faults. Because of these clauses in the contract, Countryside Plc has no material variances when reporting any differences between standard and actual production. You have recently accepted the position of assistant management accountant in the Countryside Plc. One of your tasks is to report variances in production costs on a four-weekly basis. Fixed overheads are absorbed based on standard labour hours. A colleague provides you with the following data: Standard costs and budgeted production - four weeks ended 27 November Quantity Unit price Standard cost per Beta Material Labour Fixed overhead Standard cost per Beta 121 meters 10 hours 10 hours $15.40 $12.00 $15.25 $1863.40 $120.00 $157.50 $637.50 Budgeted production 1200 Betas $637.50 $765 000 Actual production - four weeks ended 27 November Total cost Quantity Unit price 120 meters $18.10 11 hours $11.95 Actual cost of material Actual cost of labour Actual fixed cost overheads Actual cost of actual production $2172 $131.45 $207 000 $718 108 Actual production 1040 Betas Required: A. Calculate the following variances: (i) the labour rate variance the labour efficiency variance (sometimes called the utilization variance) (iii) the fixed overhead expenditure variance (sometimes known as the price variance) (iv) the material price variance. the material usage variance. (vi) the material cost variance