JanaHasil Sdn. Bhd. Runs a manufacturing business and operates a standard costing system. The following information relates to the year ended 31 March 2021 Item Budgeted Actual Production (Units) 7500 7300 Material usage 6 kilos per unit 42,500 kilos Material cost (RM) 5 per kila 230,000 Labour usage Lbour cost (RM) 4 hours per unit 8 per hour 32000 hours 236,000 (a) State two disadvantages of operating a standard costing system (b) Calculate the following variances: (i) Material price variance (ii) Material usage variance (!!!) Labour rate variance (iv) Labour efficiency variance (4 marks) (12 marks) (c) Identify one possible reason for each of the following variances calculated in part (b): (8 marks) (d) Prepare a statement to reconcile for actual production the standard labour and material costs with the actual costs. (8 marks) (e) JanaHasil has not changed the standard costs for three years. Advise Jana Hasil whether or not the change of the standard costs is needed. Justify your