Hello, can you please help with these questions?
Question 3 SQ XS Tanjong PLC is a limited company by share incorporated back in 1926 at Malaysia. The main 2 x 40 nature of business of this company is manufacturing and investment holding. During the present 12 annual general meeting, the group of minority shareholders has suggested the board of directors of Tanjong PLC to work together with the company's management team to prepare report on V 60 variance analysis for the materials, labour and variable manufacturing overhead used in the business. As the accountant of Tanjong PLC, you are required to assists the directors and the management to prepare the variance analysis report. Below are the details of information relating to the manufacturing activities of the company: SH Standard Data RM Selling price per unit 160 Sales units 20,000 = 240 Direct materials per unit 4kg @ RM 2 per kg 8 Direct labour per unit 8 hours @ RM 12 per hour 96 Variable overheads 20,000 units @ RM 18 per unit 360,000 Fixed overhead cost 400,000 Actual Results RM Sales units 21,000 Production units 21,000 Selling price per unit 175 Direct materials (total) 84,000 kg 176,400 Direct labour (total) 189,000 hours 2,079,000 Variable overhead cost 399,000 Fixed overhead cost 420,000 You are required to: Calculate: a. Direct material price variance, direct material quantity variance and total material variance (5 marks) b. Direct labour rate variance, direct labour efficiency variance and total labour variance (5 marks) c. Variable overhead spending variance, variable overhead efficiency variance and total variable overhead variance (5 marks) d. In the practice of management accounting, discuss two (2) advantages of standard costing system used in organization. Discuss your answer by referring to relevant examples. (5 marks) (Total 20 marks)