FourthIR Limited operates a system of standard costing and in respect of one of its products which is manufactured within a single cost centre, the following information is given. For one unit of product the standard material input is 16 litres at a standard price of K2.50 per litre. The standard wage rate is K5 per hour and 6 hours are allowed in which to produce one unit. Fixed production overhead is absorbed at the rate of 120% of direct wages cost. During the last four-week accounting period: The material price variance was extracted on purchase and the actual price paid was K2.45 per litre. Total direct wages cost was K121,500. Fixed production overhead incurred was K150,000. Variance Favourable K Adverse K Direct material price 8,000 Direct material usage 6,000 Direct labour rate 4,500 Direct labour efficiency 3,600 Fixed production overhead expenditure 6,000 You are required to calculate for the four-week period: (a) (i) budgeted output in units (3 marks) (ii) number of litres purchased (3 marks) (iii) number of litres used above standard allowed (3 marks) (iv) actual units produced (3 marks) (v) actual hours worked (3 marks) (vi) average actual wage rate per hour. (3 marks)