Cyan plc manufactures a single product and operates a standard costing system. Budgeted sales and production for the month of January 2020 was 25,000 units. Standard costs for each unit are as follows: Sales price 100 per unit Direct materials 13 metres at 2 per metre Direct labour 3 hours at 12 per hour Fixed overheads are budgeted at 400,000 per month. The actual data for January 2020 is provided as follows: Sales price 98 per unit Units produced and sold 24,000 Direct material 14 metres at 1.85 per metre Direct labour 3.5 hours at 13.40 per hour Fixed overheads 390,000 (c) Calculate the sales price and volume variances, direct materials price and usage variances and direct labour rate and efficiency variances. For each variance calculated, indicate whether it is favourable or adverse