F company makes a product with the following standard cost.

standard standard cost standard cost

quality per uint

Direct materials 7.1kgs k5.00perkg k 35.50

Direct labor 8hours k17.00per hours k13.60

variable overhead 8 hours k7.00per hour k 5.60

Fixed overhead 8 hours k9.00per hour k7.20

The company reported the following results concerning this product in July.

Originally budgeted output 4,700units

actual output 4,500units

Raw materials used 34,150kgs

Actual direct labor hours 3,610hours

purchases of raw materials 36,500kg

Actual price of raw materials 5.10per kg

Actual direct labor rate 18.10per hour

Actual variables overhead cost 25,187

Actual Fixed overhead 33,333

budgeted fixed overhead 33,840

the materials price variances is recognized when materials are purchased.variables overhead is applied on the basis of direct labor hours

required to calculate the following variances

i. the direct material price and usage variance

ii. the direct labor rate and effciency variances

iii.variables overhead rate and efficiency variances

iv. fixed overhead spending and volume variances

b) discuss how the variance analysis helps to improve the operations of F company.