JLT Limited manufactures one product only. The standard selling price and the cost to make one unit is as follows:

Direct material - 10 kilograms at 15 per kg 150 Direct wages - 5 hours at 8 per hour 40 Variable cost 190 Selling price 300 The budgeted fixed production overhead cost is 45,000 and sales of 750 units were budgeted. JLT Limited uses a marginal costing system in order to cost the product. During October 2017 the actual results were as follows: Sales 700 units @ 320 224,000 Direct materials: 7,500 kg 111,750 Direct wages 3,400 hours 27,880 Fixed production overhead 37,000 176,630 -------- Profit 47,370

Note: JLT Limited does not hold any inventories.

You are required to:

(a) Calculate the following variances for October 2017:

(i) Sales price; (ii) Sales volume; (iii) Material price; (iv) Material usage; (v) Labour rate; (vi) Labour efficiency; (vii) Fixed overhead expenditure