JM Footwear manufacture running trainers for the UK market. The finance manager is concerned that there is insufficient control over the monitoring of materials and labour variances. The finance manager has requested you to prepare a report showing current variances and possible causes related to the production of their running trainers You have been provided with the following standard costs per unit: Standard costs per unit: Materials: 3.30 (0.8 meters at 5.50 per metre) Labour 3.00 (12 minutes paid at 15 per hour) Actual production in July 2021 was 90,000 units. In terms of materials, 48,000 metres of fabric were used to produce 90,000 units and JM Footwear actually paid o per metre. Total labour to produce 90,000 units amounted to 18,500 hours at a cost of 14.50 per hour. Required: a) Using the information above, calculate the following variances: Total material variance Material price variance Material usage variance Total labour variance Labour rate variance Labour efficiency variance (17 marks) a) Discuss the possible causes of both adverse and favoucable, variances for direct materials and direct labout (8 marks) (Total 25 marks)