ed's records for July NORTH-WEST LIMITED The following data were extracted from North-West Limited's records 20X8 in respect of product OWL: Standard cost/unit GHC 250 Raw material (50kg @ GH5 per kg) 120 Labour (2 hours @ GHC60 per hour) 370 Budget Production Fixed overheads Variable overheads Labour hours Standard hours of production Actual Production Direct material purchased 2.000 Units GH1,500,000 GH1,800,000 4,000 4,000 2.400 Units 110,000kg @ GH605.000 Opening inventory direct material Closing inventory direct material Wages paid (4,900 hours) Fixed overhead Variable overhead Required: 1,000kg 4,000kg GH318,500 GH1,650,000 GH2.280.000 Compute the Material usage variance GHC 65,000 A GHC 50,000A GHC 50,000 F GHC65,000F Compute the labor rate variance GHC 24,500 GHC 24,500A GHC 24,500F GHC 24.000 Compute the Labour efficiency variance GHC 6,000 A GHC6000 GHC 5900 A GHC6,000F Compute the overhead ethiciency variance CHC 45.000 G 45.00 GHA5.000 A IGHC 45.000 Compute the overhead expenditure variance GHC75.000 F GHC 75,000 (GHC 75.000 GHC 75.000 A