Dromo Company Limited is into the production of luxury soaps which makes a single product, PB$.$ The company decides to conduct a quarterly appraisal of its operations for the year $2023.$ The following standard revenue and cost figures per unit of product PB are provided for a quarter. The company uses a typical marginal costing system.

Selling price GHS$44\mathrm{.}00$

Direct material X $4\mathrm{.}5$ kg at GHS$2\mathrm{.}80$ per kg

Direct material Y $3\mathrm{.}5$ kg at GHS$2\mathrm{.}40$ per kg

Direct labour $1\mathrm{.}5$ hours at GHS$7\mathrm{.}00$ per hour

Fixed production overheads were expected to be GHS$69,500.$

Actual data for the quarter was as follows:

Sales and production $63,000$ units of PB were produced and sold for GHS$2,410,500$

Direct material X $161,200$kg were used at a cost of GHS$415,210$

Direct material Y $96,700$ kg were used at a cost of GHS$242,000$

Direct labour $($worked and paid$)60,400$ hours at a cost of GHS$367,150$

Fixed production overheads GHS$72,000$

Budgeted sales for the quarter were $64,500$ units of Product PB$.$

Required:

Compute the following variances for the quarter.

i$)$ Price and mix variances for each material.

ii$)$ Labour rate and labour efficiency variances.

iii$)$ Sales volume contribution and sales price variances.

b$)$ A balanced scorecard is to provide all$-$inclusive framework for deciphering an organization$$s strategic objectives into a coherent set of performance measures. It is considered as one of the optimal performance measurement approaches. A balanced scorecard enables managers to look at the business from divers$$ perspectives.

Required:

Identify and discuss briefly the perspectives of this performance measurement approach.