Indiana Company manufactures external hard drives. At the beginning of the period, following plans for production and costs were revealed: Units to be produced Standard cost per unit: Direct materials Direct labour Variable overhead Fixed overhead 3.1 Total unit cost During the year, 24 800 units were produced and sold. The following actual costs we incurred: 3.2 3.3 Direct materials Direct labour Variable overhead Fixed overhead There were no beginning or ending inventories of direct materials. The direct materials pric variance was R10 168 unfavourable. In producing the 24 800 units, a total of 12 772 hour were worked, 3% more hours than the standard allowed for the actual output. Overhead cost are applied to production using direct labour hours. Required: 25 000 a. b. R10 R8 R4 R 3 R25 C. Prepare a performance report comparing expected costs to actual costs. Determine the following: d. R264 368 R204 352 R107 310 R 73 904 Direct materials usage variance Direct labour rate and usage variances Variable overhead spending and efficiency variances Fixed overhead spending and volume variances Use T-accounts to show the flow of costs through the system. Close off variances to the Cost of goods sold account.