Gilbert Ltd uses standard costing methods for both budgeting and flexible budgets to understand and control variances. The following represents the data for December 2020. Budget Actual Sales Volume 20,000 25,000 Sales Price $25 $23 No of units produced 24,000 29,000 No of Direct Labour minutes per unit 20 mins 18 mins Qty of Raw Materials per unit 2kg 1.8kg Standard variable overhead rate (per unit) $3 Rate for labour (per hour) $30 $32 Rate per kg of raw material $2.00 $2.30 Calculate the following and provide brief feedback to the sales manager, procurement manager and production manager based on your calculations. Ensure you clearly indicate if variances are favourable or unfavourable. Gilbert Ltd uses standard costing methods for both budgeting and flexible budgets to understand and control variances. The following represents the data for December 2020. Budget Actual Sales Volume 20,000 25,000 Sales Price $25 $23 No of units produced 24,000 29,000 No of Direct Labour minutes per unit 20 mins 18 mins Qty of Raw Materials per unit 2kg 1.8kg Standard variable overhead rate (per unit) $3 Rate for labour (per hour) $30 $32 Rate per kg of raw material $2.00 $2.30 Calculate the following and provide brief feedback to the sales manager, procurement manager and production manager based on your calculations. Ensure you clearly indicate if variances are favourable or unfavourable.