Ebis Ltd. manufactures one product and all the units are sold immediately after production. The company operates a standard costing system. The standard cost card for the product is as follows: Direct material Direct labour 1kg @ $8.00 per kg. 3hrs @ $4.50 per hr $ 8.00 $13.50 variable oh Fixed o/h 3hrs @$0.50 per hr $ 1.50 3 hrs @ $7.40 per hr $22.20 Standard cost $45.20 Budgeted output for the month of October 2014 was 6,500 units. Actual results for October were as follows. Production: 7,100 units Materials consumed in production 7,500 kg at a total cost of $58,500 Labour hours worked amounted to 19,100 for $89,700 Variable overheads amounted to $9,800 Fixed overheads amounted to $146,900 Required: a. Calculate the following variances: i. Material price and usage (4 marks) ii. Labour rate and efficiency (4 marks) Select File to Convert to PDF iii. variable overhead expenditure and efficiency (4 marks) iv. fixed overhead expenditure, volume capacity and volume efficiency (6 marks) Select File b. List and briefly describe two (2) of the three types of standards (7 marks)